{"id":561830,"date":"2021-04-22T03:31:57","date_gmt":"2021-04-22T03:31:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/"},"modified":"2021-04-22T03:31:57","modified_gmt":"2021-04-22T03:31:57","slug":"evergrow-is-restructuring-its-debts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/","title":{"rendered":"Evergrow is restructuring its debts"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Egyptian fertilizer company Evergrow has signed a USD 400 mn loan agreement<\/strong><strong> with a syndicate of 12 <\/strong><strong>banks <\/strong><strong>led by Mashreq Bank and the National Bank of Egypt (NBE)<\/strong>, who acted as the facility arrangers, <a href=\"https:\/\/bit.ly\/32xbbqE\">Hapi Journal<\/a> reports, citing a company statement. Some USD 326 mn will be used to restructure previous debts Evergrow owes to the same banks, while the remaining USD 74 mn will finance the construction of the third phase of the company\u2019s fertilizer plant in Sadat City, slated for completion within nine months.<\/p>\n<p><strong>Background:<\/strong> Evergrow faced <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26122020&id=0e6f840b-56a2-4ae9-b8ac-2c1dbdf0e172\">financial difficulties<\/a> following the EGP float, which significantly raised the cost of the plant\u2019s third phase. In 2020, the company had sought a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37eb4e75-9888-4252-aeab-820c065334aa\">USD 312 mn loan<\/a> from a syndicate of Egyptian banks, which had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37eb4e75-9888-4252-aeab-820c065334aa\">approved the facility last December<\/a>. The consortium included NBE, Mashreq Bank, Banque du Caire, Arab African International Bank, HSBC, Arab Bank and Arab African International Bank, while Banque Misr, Suez Canal Bank, the Housing and Development Bank and EG Bank were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdbb776b-0a9d-44b9-9fe5-67012f9069d6\">planned to participate in the loan<\/a>.<\/p>\n<p><strong>OTHER DEBT NEWS-<\/strong><\/p>\n<p><strong>Real <\/strong><strong>estate developer Inertia has signed a EGP 1.1 bn, eight-year Islamic <\/strong><strong>financing agreement with Banque Misr<\/strong> for the development of the fourth phase of its EGP 66 bn Jefaira project in the North Coast, according to <a href=\"https:\/\/ent.news\/2021\/4\/InertiaXBanque-Misr-PRL.pdf\">a statement (pdf)<\/a>. Lots of details in the statement if you want more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egyptian fertilizer company Evergrow has signed a USD 400 mn loan agreement with a syndicate of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE), who acted as the facility arrangers, Hapi Journal reports, citing a company statement. Some USD 326 mn will be used to restructure previous debts Evergrow owes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561831,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[7106,88,72,2224,99,2373],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam","tag-evergrow","tag-fertilizers","tag-mashreq-bank","wpautop","entry"],"acf":{"mongo_id":"c4797115-2730-42ce-84e5-aab1757d0254","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/233.jpg","photo_position":"above","related_issue":[561821],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Evergrow is restructuring its debts - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evergrow is restructuring its debts\" \/>\n<meta property=\"og:description\" content=\"Egyptian fertilizer company Evergrow has signed a USD 400 mn loan agreement with a syndicate of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE), who acted as the facility arrangers, Hapi Journal reports, citing a company statement. Some USD 326 mn will be used to restructure previous debts Evergrow owes [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-22T03:31:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/233.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Evergrow is restructuring its debts\",\"datePublished\":\"2021-04-22T03:31:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/\"},\"wordCount\":224,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/233.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"debt watch\",\"EnterpriseAM\",\"Evergrow\",\"fertilizers\",\"Mashreq Bank\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/evergrow-is-restructuring-its-debts\/\",\"name\":\"Evergrow is restructuring its debts - 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Evergrow will use the loan\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591808,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/evergrow-to-receive-usd-150-mn-loan-to-restructure-debts\/","url_meta":{"origin":561830,"position":2},"title":"Evergrow to receive USD 150 mn loan to restructure debts","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"Egyptian fertilizer manufacturer Evergrow has reached an agreement with four local banks for a USD 150 mn loan to restructure its debts, banking sources told Al Shorouk. The company borrowed USD 200 mn from the National Bank of Egypt (NBE), Banque Misr, and the Arab African International Bank (AAIB) to\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561911,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/26\/evergrow-mulls-offering-40-stake-in-ipo\/","url_meta":{"origin":561830,"position":3},"title":"Evergrow mulls offering 40% stake in IPO","author":"enterpriseam admin","date":"26 April 2021","format":false,"excerpt":"Egyptian fertilizer company Evergrow plans to offer a 40% stake in an IPO on the EGX in 2023, Chairman Mohamed El Kheshen told Hapi Journal. This appears to be a larger offering than the 30% stake Evergrow said last year it planned to sell in a public offering in 2022.\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572675,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/mashreq-bank-managing-usd-360-mn-loan-for-evergrows-fertilizer-project-in-sadat-city\/","url_meta":{"origin":561830,"position":4},"title":"Mashreq Bank managing USD 360 mn loan for Evergrow\u2019s fertilizer project in Sadat city","author":"enterpriseam admin","date":"5 July 2020","format":false,"excerpt":"The UAE\u2019s Mashreq Bank is reportedly arranging a USD 360 mn facility for Evergrow Speciality Fertilizers to restructure its debt and complete the third phase of its fertilizer plant in Sadat City, Al Shorouk says, citing unnamed sources. The newspaper claims Mashreq gauging the appetite of local and Gulf banks\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569071,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/12\/fertilizers-producer-evergrow-mulls-offering-30-stake\/","url_meta":{"origin":561830,"position":5},"title":"Fertilizers producer Evergrow mulls offering 30% stake","author":"enterpriseam admin","date":"12 February 2020","format":false,"excerpt":"IPO WATCH- EvergrowFor Speciality Fertilizers is planning to sell a 30% stake in an IPO on the EGX by no later than 2022, Chairman Mohamed El Kheshen told the local press. El Kheshen did not specify how much Evergrow is looking to raise from the sale. The company will begin\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=561830"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561830\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561831"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561830"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561830"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}