Palm Hills Developments (PHD) signed an EGP 852 mn syndicated medium-term loan to finance part of the acquisition of 190 feddans in West Cairo. The loan is provided by National Bank of Egypt (NBE) and National Bank of Abu Dhabi (NBAD) and carries an interest rate of 1.5% over the current corridor rates for 8.5 years from the date of disbursement. NBE and NBAD acted as the initial mandated lead arrangers, bookrunners and underwriters. NBE acted as the Facility Agent, while NBAD acted as the Security Agent. The loan will be directed towards partially financing the project in West Cairo, which PHD is planning to launch in 2Q2017. “The credit facility will be utilized in partially paying land dues to the government, construction cost, general and administrative expenses related to the project,” PHD says.

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