Brief: Orascom Development Says Orascom Development Egypt Signed CHF 228.1 Mln Debt Rescheduling Package With Egyptian Banks

Orascom Development Holding AG

12/06/2019 17:56

June 12 (Reuters) - Orascom Development Holding AG  ODHN.S :
    * ORASCOM DEVELOPMENT HOLDING -CO'S LARGEST UNIT IN EGYPT,
ORASCOM
DEVELOPMENT EGYPT SIGNED CHF 228.1 MILLION DEBT RESCHEDULING
PACKAGE WITH EGYPTIAN BANKS.
    * ORASCOM DEVELOPMENT- TRANSACTION INVOLVES IMMEDIATE CASH
PAYMENT
OF CHF 19.5 MILLION OUT OF A TOTAL CHF 38.9 MILLION, WITH
REMAINING TO BE PAID BY END OF JUNE 2019
    * ORASCOM DEVELOPMENT HOLDING -ORASCOM DEVELOPMENT EGYPT
LENDERS
AGREED TO REDUCE THE INTEREST RATE MARGIN ON THE FOREIGN
CURRENCY DEBT BY 100 BPS.
    * ORASCOM DEVELOPMENT HOLDING - REDUCTION OF INTEREST RATE
MARGIN
ON FOREIGN CURRENCY DEBT WILL REDUCE WEIGHTED AVERAGE COST OF
DEBT FROM 9.0% TO 8.1%
    * ORASCOM DEVELOPMENT - REDUCTION OF INTEREST RATE MARGIN ON
FOREIGN CURRENCY DEBT TO RESULT IN SAVINGS OF CHF 4 MILLION IN
INTEREST PAYMENTS FOR 2019


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