EQS-Adhoc: Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom Development Egypt (ODE) has successfully signed CHF 228.1 million debt rescheduling package with the Egyptian banks.


Nachricht vom 12.06.201912.06.2019 (www.4investors.de) -


EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous

Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom Development Egypt (ODE) has successfully signed CHF 228.1 million debt rescheduling package with the Egyptian banks.
12-Jun-2019 / 18:30 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's Holding (ODH) largest subsidiary in Egypt, Orascom Development Egypt (ODE) has successfully signed CHF 228.1 million debt rescheduling package with the Egyptian banks.
 

Altdorf, 12 June 2019 - Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) has signed a CHF 228.1 million debt rescheduling package, strengthening its balance sheet and creating more flexibility in advancing its projects.

The transaction involves the immediate cash payment of CHF 19.5 million out of a total CHF 38.9 million, with the remaining to be paid by end of June 2019. ODE's lenders agreed to reduce the interest rate margin on the foreign currency debt by 100 bps. This will reduce our weighted average cost of debt from 9.0% to 8.1% and result in savings of CHF 4 million (EGP 70 million) in interest payments for 2019 and a total of CHF 19 million (EGP 320 million) over the 6 years period (2019-2024).

The rescheduling terms and conditions also entails amending the remaining debt principal repayment schedule to better match the cash flow generation profile of ODE and alleviates the pressure without changing the final maturities of the loans by sculpting a "ballooned" structure whereby roughly 50% of the total debt principal is repaid in the final years.

 

*All rates used were as of 31st of May 2019

 

 

About Orascom Development Holding (ODH):
Orascom Development Holding (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. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Lu?tica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss 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.chDisclaimer & 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:
+41 41 874 17 17
Fax:
+41 41 874 17 07
E-mail:
ir@orascomdh.com
Internet:
www.orascomdh.com
ISIN:
CH0038285679
Valor:
A0NJ37
Listed:
SIX Swiss Exchange
EQS News ID:
823559

 
End of Announcement
EQS Group News Service


823559  12-Jun-2019 CET/CEST










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