Orascom Development signs debt rescheduling agreement with Egyptian banks

Orascom Development Egypt (ODE) signed a CHF 228.1 mn (EGP 3.8 bn) debt rescheduling agreement with Egyptian banks that will see it pay CHF 38.9 mn (EGP 650 mn) by the end of June 2019, the company said in a statement. Lenders also agreed to reduce the interest rate margin on the foreign currency debt by 100 bps which will result in savings of CHF 4 mn (EGP 70 mn) in interest payments for 2019 and a total of CHF 19 mn (EGP 320 mn) over the six-year period ending in 2024. ODE has been exiting non-core assets to reduce debt liabilities.