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EGP1.66 0.0  3.0%

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BRIEF-Palm Hills gets lenders' approval on reduction of interest rates to bulk of existing debt

Sun 30th July, 2017 2:04pm
July 30 (Reuters) - PALM HILLS DEVELOPMENTS COMPANY 
 PHDC.CA  
    * CONCLUDES NEGOTIATIONS WITH LENDING BANKS AND RECEIVES 
APPROVAL ON REDUCTION OF INTEREST RATES APPLICABLE TO BULK OF 
ITS EXISTING DEBT 
    * INTEREST RATE ON EGP 2.4 BILLION SYNDICATED MEDIUM TERM 
LOAN TO BE REDUCED FROM 3.25 PERCENT OVER LENDING CORRIDOR RATE 
TO 1.75 PERCENT OVER LENDING CORRIDOR RATE 
    * INTEREST RATE ON EGP750 MILLION SYNDICATED MEDIUM TERM 
LOAN TO DECREASE FROM 2.9 PERCENT OVER LENDING CORRIDOR RATE TO 
1.9 PERCENT OVER LENDING CORRIDOR RATE 
    * REDUCTION IN INTEREST RATES WILL RESULT IN TOTAL SAVINGS 
OF EGP 100 MILLION ON FINANCING COSTS TO CO OVER TENOR OF LOANS 
 
Source: http://bit.ly/2ua6qzK) 
Further company coverage:  PHDC.CA  
 
 ((Bangalore.newsroom@thomsonreuters.com;))

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