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Orascom Development Holding AG: Orascom Development Egypt signed a USD 155 million loan facility with the International Finance Corporation

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG: Orascom Development Egypt signed a USD 155 million loan facility with the International Finance Corporation

15.10.2024 / 07:00 CET/CEST


Orascom Development Holding AG: Orascom Development Egypt signed a USD 155 million loan facility with the International Finance Corporation 

Altdorf, 15 October 2024 – Orascom Development Holding AG (ODH) announces that its largest subsidiary in Egypt, Orascom Development Egypt (ODE), successfully signed a USD 155 million loan facility with the International Finance Corporation (IFC). This loan facility will primarily be used to partially refinance ODE’s existing debt and fund potential growth opportunities for the hotel business line in El Gouna, as well as planned capital expenditures for renovating the hotels, including Movenpick Resort and Spa El Gouna. The financing will lower the company’s credit spreads and extend the maturity of the debt, thereby improving ODH’s debt profile.

The new loan facility includes a grace period of 2.5 years and a tenor of 8.5 years, with semi-annual repayments set to commence in the second half of 2027. The financing terms offer an interest margin of 3.80% over SOFR and 3.87% over Euribor. The facility will, therefore, effectively reduce the interest margin for the USD portion from 4.25% to 3.80% and from 4.75% to 3.87% for the Euro portion.

Ashraf Nessim, Group CFO of Orascom Development, commented, "I am delighted with the trust and support we have received from the IFC through this facility. This facility enables the company to optimize our financing terms considering our improved financial and operational profile and aligns with our objectives. This proactive refinancing reduces our cost of capital and strengthens our liquidity. The lower credit spreads achieved through this deal will improve our free cash flow and support our overall business strategy while maintaining a net debt to adjusted EBITDA ratio of less than 1.3x."

 

About Orascom Development Holding AG:

Orascom Development Holding (ODH) is a leading developer of fully integrated towns, including hotels, private villas, apartments, leisure facilities such as golf courses, marinas, and supporting infrastructure. Orascom Development Holding’s diversified portfolio is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The group currently operates ten destinations: five in Egypt (El Gouna, Taba Heights, Makadi Heights, O-West, and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and West Carclaze Garden Village in the United Kingdom. The shares of ODH are listed on the SIX Swiss Exchange.

 

For more information, please visit https://www.orascomdh.com/.

 

Contact for Investors:      

Ahmed Abou El Ella     

Director of Investor Relations    

Tel: +20 224 61 89 61

Mobile: +20 122129 5555      

Email: ahmed.abouelella@orascomdh.com

Email: ir@orascomdh.com

 

Disclaimer

This press release may contain forward-looking statements based on current assumptions and forecasts of ODH management. Known and unknown risks, uncertainties, and other factors could lead to material differences between any forward-looking statements made here and the actual development, particularly ODH's results, financial situation, and performance. ODH accepts no responsibility for updating or adapting forward-looking statements to future events or developments.

 




 


End of Media Release


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:2008147

 
End of NewsEQS News Service

2008147  15.10.2024 CET/CEST

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