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Tuesday, 24 November 2020

EFG Hermes advises on USD 265 mn loan for Orascom Development Egypt

EFG Hermes concluded a seven-year USD 265 mn debt arrangement for Orascom Development Egypt (ODE), the investment bank said in a press release (pdf) yesterday. ODE will use USD 215 mn to refinance outstanding debts and the remaining USD 50 mn to fund growth plans over a two-year period. The debt carries a 2.5-year grace period to give the company some breathing room due to covid-19. The loan brings the total number of debt arrangements EFG has advised on this year to seven, worth a combined EGP 9 bn.

Advisors: EFG Hermes was the financial advisor, lead manager, global coordinator and bookrunner for the transaction. CIB, Banque Misr, Banque du Caire, and HSBC acted as lead arrangers, while CIB also acted as the facility agent. MHR & Partners acted as legal counsel to ODE, while Helmy, Hamza & Partners acted as legal counsel to the banks providing the loan, ODE said in a bourse fling (pdf).

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