By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
    3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
    April 2, 2023
    CBE considers raising banks' reserve requirement
    Central Bank of Egypt considers raising banks’ reserve requirement
    April 1, 2023
    Banks discuss amending interest rates on their savings, loan products
    Banks discuss amending interest rates on their savings, loan products
    April 1, 2023
    Egypt, EU discuss cooperation in economy, migration
    Egypt, EU discuss cooperation in economy, migration
    April 1, 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    April 1, 2023
  • Politics
    PoliticsShow More
    Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
    Egyptian president says fight against terrorism not less significant than October War victory
    April 2, 2023
    Syrian FM visits Egypt for 1st time in over 10 years
    Syrian FM visits Egypt for 1st time in over 10 years
    April 2, 2023
    Ramadan fasting is related with leniency in legal system: Study
    Ramadan fasting is related with leniency in legal system: Study
    April 1, 2023
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    April 1, 2023
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    March 31, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: ODE signs $265m medium-term loan to refinance outstanding debt
Share
Notification
Latest News
architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
Real Estate Culture
Succession recap: season 4, episode 1, "The Munsters"
Succession season 4: Powerhouse ensemble drama masterfully sets up series finale in first episode
Lifestyle
Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
Egyptian president says fight against terrorism not less significant than October War victory
Politics Egypt
Syrian FM visits Egypt for 1st time in over 10 years
Syrian FM visits Egypt for 1st time in over 10 years
Egypt Politics
The Secret Behind Lobna Wanas’ Younger Appearance in “Jaafar El Omda”
Cinema Egypt
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > ODE signs $265m medium-term loan to refinance outstanding debt
Business

ODE signs $265m medium-term loan to refinance outstanding debt

Shaimaa Al-Aees
Last updated: 2020/11/23 at 3:40 PM
By Shaimaa Al-Aees 2 Min Read
Share
SHARE

Orascom Development Egypt (ODE) has signed a medium-term loan agreement, worth the equivalent of $265m, to refinance and upsize its outstanding debt. The loan has a seven-year term, with a 2.5-year grace period. 

In a press statement on Monday, ODE said that it intends to use the proceeds to refinance its outstanding balances of debt to relieve the company from upcoming debt commitments, worth up to $215m.

An additional tranche of up to $50m, in Egyptian Pounds, will be available for drawdown over two years for future growth opportunities at the discretion of the Group. It includes any planned capex for the roll out of new rooms and the renovation of hotels at the Group’s destinations. 

The Commercial International Bank (CIB), Banque Misr, Banque du Caire, and HSBC are acting as mandated lead arrangers, with EFG Hermes acting as the sole financial adviser. EFG Hermes is also the lead manager, global coordinator, and bookrunner for the transaction, with CIB acting as the Facility Agent on the transaction. 

Meanwhile, MHR & Partners acted as the legal counsel for ODE, while Helmy, Hamza & Partners acted as the legal counsel to the lenders.

ODE Group CEO Omar El Hamamsy said, “The seven-year tenor, with a 2.5-years principal repayment grace period, factors in the COVID-19 situation and permits for capex spending as the situation stabilises.” 

He added that the extension of maturity will fit with the Company’s financial profile, expansion plan and allow it to grow in the coming period.

You Might Also Like

3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water

Central Bank of Egypt considers raising banks’ reserve requirement

Banks discuss amending interest rates on their savings, loan products

Egypt, EU discuss cooperation in economy, migration

Hermes Brokerage tightens its grip on EGX trading in 1Q 2023

TAGGED: ODE, Orascom Development Egypt
Share this Article
Facebook Twitter Email Print
Previous Article IMF urges G20 to jointly build foundations for better global economy
Next Article CIRA to offer EGP 600m Sukuk in December, with Hermes acting as issuance manager
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
Real Estate Culture
Succession recap: season 4, episode 1, "The Munsters"
Succession season 4: Powerhouse ensemble drama masterfully sets up series finale in first episode
Lifestyle
Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
Egyptian president says fight against terrorism not less significant than October War victory
Politics Egypt
Syrian FM visits Egypt for 1st time in over 10 years
Syrian FM visits Egypt for 1st time in over 10 years
Egypt Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?