Orascom Development Holding AG
Orascom Development’s Holding (ODH) largest subsidiary in Egypt, Orascom Development Egypt (ODE) has successfully signed CHF 228.1 million debt rescheduling package with the Egyptian banks.
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Press Release Orascom Development’s Holding (ODH) largest subsidiary in Egypt, Orascom Development Egypt (ODE) has successfully signed CHF 228.1 million debt rescheduling package with the Egyptian banks. Altdorf, 12 June 2019 – Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) has signed a CHF 228.1 million debt rescheduling package, strengthening its balance sheet and creating more flexibility in advancing its projects. The transaction involves the immediate cash payment of CHF 19.5 million out of a total CHF 38.9 million, with the remaining to be paid by end of June 2019. ODE’s lenders agreed to reduce the interest rate margin on the foreign currency debt by 100 bps. This will reduce our weighted average cost of debt from 9.0% to 8.1% and result in savings of CHF 4 million (EGP 70 million) in interest payments for 2019 and a total of CHF 19 million (EGP 320 million) over the 6 years period (2019-2024). The rescheduling terms and conditions also entails amending the remaining debt principal repayment schedule to better match the cash flow generation profile of ODE and alleviates the pressure without changing the final maturities of the loans by sculpting a “ballooned” structure whereby roughly 50% of the total debt principal is repaid in the final years.
*All rates used were as of 31st of May 2019
About Orascom Development Holding (ODH): Contact for Investors:
End of ad hoc announcement |
Language: | English |
Company: | Orascom Development Holding AG |
Gotthardstraße 12 | |
6460 Altdorf | |
Switzerland | |
Phone: | +41 41 874 17 17 |
Fax: | +41 41 874 17 07 |
E-mail: | ir@orascomdh.com |
Internet: | www.orascomdh.com |
ISIN: | CH0038285679 |
Valor: | A0NJ37 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 823559 |
End of Announcement | EQS Group News Service |