PHD successfully concludes negotiations to reduce interest on its debts

Palm Hills Developments (PHD) has successfully concluded negotiations with its lenders to reduce interest rates on its medium-term debts, the company said in a regulatory bourse filing (pdf). The rate on a EGP 2.4 bn syndicated medium-term facility will be slashed to 1.75% over the lending corridor rate from 3.25% currently, while the interest rate on a EGP 750 mn loan will be cut to 1.9% over the lending corridor rate from 2.9%. PHD expects to save c.EGP 100 mn in financing costs from the interest rate reduction during the tenor of both loans.