Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom Hotels and Development (OHD), signs a CHF 228.67 million debt refinancing package with its banks Donnerstag, 03. November 2016 - 07:01

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom
Hotels and Development (OHD), signs a CHF 228.67 million debt refinancing
package with its banks

03.11.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.


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Press Release

Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom
Hotels and Development (OHD), signs a CHF 228.67 million debt refinancing
package with its banks

Altdorf, 3 November 2016 -  In line with the Central Bank of Egypt's
efforts to support the tourism industry, Orascom Development Holding is
pleased to announce that its largest subsidiary in Egypt, Orascom Hotels &
Development (OHD) signed a debt refinancing package allowing the company to
postpone its principal payments for the coming 3 years and its interest
payments for FY 2016 with an option to postpone the interest payments for
FY 2017. As a result, the balance sheet of the company will be strengthened
and thereby lead to more flexibility to advancing its projects.

The transaction involves the payment of CHF 33.51 million from the CHF
120.47 million of short term facilities and refinancing the remaining
balance of CHF 87.18 million into one 8.5 years' syndicated term loan, in
addition to the payment of CHF 14.91 million from CHF 156.16 million of
medium term loans and the refinancing of the remaining balance of CHF
140.55 million into 7.5 years' tenor term loans, all under a common terms
agreement frame work.

Commercial International Bank Egypt (CIB) acted as the restructuring and
coordinating bank for the transaction, while Banque Misr, National Bank of
Egypt, Ahli United Bank, Ahli Bank of Kuwait, National Bank of Abu Dhabi,
HSBC Bank Egypt and CIB are Syndication Lenders.  Medium term Lenders
included Commercial International Bank, HSBC Bank Egypt, Arab African
International Bank, Ahli Bank of Kuwait and Export Development Bank of
Egypt. Zaki Hashem & Partners acted as the sole legal advisor for the
transaction.

About Orascom Development Holding

Orascom Development 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. Orascom
Development's diversified portfolio of destinations is spread over eight
jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro
and United Kingdom), with a primary focus on touristic destinations. The
Group currently operates seven destinations; three in Egypt El Gouna, Taba
Heights and Makadi, The Cove in United Arab Emirates, Jebel Sifah and
Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has
a dual listing, with a primary listing on the SIX Swiss Exchange and a
secondary listing on the EGX Egyptian Exchange.

Contact for Investors:
Sara El Gawahergy         
Head of Investor Relations    
Tel: +202 246 18961
Tel: +41 418 74 17 11       
Email: ir@orascomdh.com 

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch
    


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End of ad hoc announcement

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