July 31 (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 APPLICABLE TO SYNDICATED MEDIUM TERM LOAN OF 
EGP 2.4 BILLION WILL BE REDUCED FROM 3.25 PERCENT OVER LENDING 
CORRIDOR RATE TO 1.75 PERCENT 
    * INTEREST RATE APPLICABLE TO SYNDICATED MEDIUM TERM LOAN OF 
EGP 750 MILLION WILL DECREASE FROM 2.9 PERCENT OVER LENDING 
CORRIDOR RATE TO 1.9 PERCENT 
    * REDUCTION IN INTEREST RATES WILL RESULT IN TOTAL SAVINGS 
OF C.EGP 100 MILLION ON FINANCING COSTS TO PHD OVER TENOR OF 
LOANS 
 
Source text for Eikon:  ID:nRSe5048Ma  
Further company coverage:  PHDC.CA  
 
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