EQS-Adhoc : Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE) signs USD 265 million medium-term loan to refinance its existing debt, securing 2.5 years of grace period and extending its term loans to 7 years.

 
 EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): 
Miscellaneous/Miscellaneous 
Orascom Development Holding AG: largest subsidiary in Egypt, Orascom 
Development Egypt (ODE) signs USD 265 million medium-term loan to refinance 
its existing debt, securing 2.5 years of grace period and extending its term 
loans to 7 years. 
 
23-Nov-2020 / 07:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 KR 
The issuer is solely responsible for the content of this announcement. 
 
*Press Release* 
 
*Orascom Development Holding AG's largest subsidiary in Egypt, Orascom 
Development Egypt (ODE) signs USD 265 million medium-term loan to refinance 
its existing debt, securing 2.5 years of grace period and extending its term 
loans to 7 years.* 
 
Altdorf, November 23, 2020 - Orascom Development Holding (ODH) is pleased to 
announce that its largest subsidiary in Egypt, Orascom Development Egypt 
(ODE) has signed a medium term loan agreement to refinance and upsize its 
outstanding debt with the equivalent of USD 265 million 7 years term loan 
with a 2.5 years grace period. 
 
ODE intends to use the proceeds as follows: 
 
- Up to USD 215 million, to refinance outstanding balances of its debt to 
relieve the company from upcoming debt commitments. 
 
- An additional tranche of up to USD 50 million (in Egyptian Pounds), will 
be available for drawdown over 2 years for future growth opportunities at 
the discretion of the Group including any planned capex for roll out of new 
rooms and renovation of hotels in the Group's destinations. 
 
CIB, Banque Misr, Banque Du Caire, and HSBC are acting as mandated lead 
arrangers and EFG Hermes acted as sole financial advisor, lead manager, 
global coordinator and bookrunner for the transaction and CIB is acting as 
the Facility Agent on the transaction. MHR & Partners acted as legal counsel 
for ODE, while Helmy, Hamza & Partners acted as legal counsel to the 
lenders. 
 
Omar El Hamamsy, ODH's Group CEO commented: "I am delighted with the trust 
and support we have received from the participating banks and the signing of 
the above mentioned facility, which enabled the Company to optimize the 
financing terms to match the Company's improved financial and operational 
profile. The seven years tenor with a 2.5-years principal repayment grace 
period factors in the covid-19 situation and permits for capex spending as 
the situation stabilizes. The extension of maturity will fit with the 
Company's financial profile, expansion plan and allow it to grow in the 
coming period". 
 
*About Orascom Development Holding (ODH):* 
 
ODH is a leading developer of fully integrated destinations that include 
hotels, private villas and apartments, leisure facilities such as golf 
courses, marinas and supporting infrastructure. ODH's diversified portfolio 
of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, 
Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on 
touristic destinations. ODH currently operates nine destinations: four in 
Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the 
United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Lustica Bay in 
Montenegro, and Andermatt in Switzerland. ODH recently launched O West, the 
latest addition to its portfolio and its first project in Cairo, Egypt, 
located on the Sixth of October City. 
 
*Contact for Investors: 
Sara El Gawahergy * 
Head of Investor Relations & Strategic Projects Management 
Tel: [phone] 
Tel: [phone] 
Mob: [phone] 
Email: [e-mail] 
 
*Contact for Media Relations:* 
*Philippe Blangey* 
Partner 
Dynamics Group AG 
Tel: [phone] 
Email: [e-mail] 
 
*Disclaimer and Cautionary Statement* 
The information contained in this e-mail, its attachment and in any link to 
our website indicated herein is not for use within any country or 
jurisdiction or by any persons where such use would constitute a violation 
of law. If this applies to you, you are not authorized to access or use any 
such information. Certain statements in this e-mail and the attached news 
release may be forward-looking statements, including, but not limited to, 
statements that are predications of or indicate future events, trends, plans 
or objectives. Forward-looking statements include statements regarding our 
targeted profit improvement, return on equity targets, expense reductions, 
pricing conditions, dividend policy and underwriting claims improvements. 
Undue reliance should not be placed on such statements because, by their 
nature, they are subject to known and unknown risks and uncertainties and 
can be affected by other factors that could cause actual results and Orascom 
Development Holding's plans and objectives to differ materially from those 
expressed or implied in the forward-looking statements (or from past 
results). Factors such as (i) general economic conditions and competitive 
factors, particularly in our key markets; (ii) performance of financial 
markets; (iii) levels of interest rates and currency exchange rates; and 
(vii) changes in laws and regulations and in the policies of regulators may 
have a direct bearing on Orascom Development Holding's results of operations 
and on whether Orascom Development Holding will achieve its targets. Orascom 
Development Holding undertakes no obligation to publicly update or revise 
any of these forward-looking statements, whether to reflect new information, 
future events, or circumstances or otherwise. It should further be noted 
that past performance is not a guide to future performance. Please also note 
that interim results are not necessarily indicative of the full-year 
results. Persons requiring advice should consult an independent adviser. 
 
End of ad hoc announcement 
Language:    English 
Company:     Orascom Development Holding AG 
             Gotthardstraße 12 
             6460 Altdorf 
             Switzerland 
Phone:       [phone] 
Fax:         [phone] 
E-mail:      [e-mail] 
Internet:    www.orascomdh.com 
ISIN:        CH0038285679 
Valor:       A0NJ37 
Listed:      SIX Swiss Exchange 
EQS News ID: 1149796 
 
End of Announcement EQS Group News Service 
 
1149796 23-Nov-2020 CET/CEST 
 
 

(END) Dow Jones Newswires

November 23, 2020 01:00 ET (06:00 GMT)