{"id":599019,"date":"2019-06-16T04:00:20","date_gmt":"2019-06-16T04:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/"},"modified":"2019-06-16T04:00:20","modified_gmt":"2019-06-16T04:00:20","slug":"orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/","title":{"rendered":"Orascom Development signs debt rescheduling agreement with Egyptian banks"},"content":{"rendered":"

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<\/a>. 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<\/a> to reduce debt liabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9298],"tags":[2372,72,256],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599019","post","type-post","status-publish","format-standard","hentry","category-banking-finance","tag-banking-finance","tag-enterpriseam","tag-orascom-development-egypt","wpautop","entry"],"acf":{"mongo_id":"ae5d1986-6bec-431c-b27e-e765572c24a3","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[598987],"teaser":"","voice_url":""},"yoast_head":"\nOrascom Development signs debt rescheduling agreement with Egyptian banks - 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\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orascom Development signs debt rescheduling agreement with Egyptian banks\" \/>\n<meta property=\"og:description\" content=\"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 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-16T04:00:20+00:00\" \/>\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<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Orascom Development signs debt rescheduling agreement with Egyptian banks\",\"datePublished\":\"2019-06-16T04:00:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/\"},\"wordCount\":99,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"BANKING + FINANCE\",\"EnterpriseAM\",\"Orascom Development Egypt\"],\"articleSection\":[\"Banking + Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/orascom-development-signs-debt-rescheduling-agreement-with-egyptian-banks\/\",\"name\":\"Orascom Development signs debt rescheduling agreement with Egyptian banks - 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Under the amendment terms, ODE will make an immediate payment of EGP 650 mn and settle the\u2026","rel":"","context":"In "Banking + Finance"","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":599808,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/odh-enters-agreement-with-chairman-samih-sawiris-for-stake-purchase-in-asa\/","url_meta":{"origin":599019,"position":1},"title":"ODH enters agreement with Chairman Samih Sawiris for stake purchase in ASA","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"Orascom Development Holding (ODH) has entered an agreement to purchase an additional 1% and one share of Andermatt Swiss Alps (ASA) from ODH Chairman Samih Sawiris at a total price of CHF 3.2 mn, according to a company press release. The transaction, which is conditional on Sawiris forgiving CHF 150\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647689,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/earnings-watch-sodic-orascom-hotels-and-development-orascom-development\/","url_meta":{"origin":599019,"position":2},"title":"Earnings Watch: SODIC, Orascom Hotels and Development, Orascom Development","author":"enterpriseam admin","date":"17 May 2017","format":false,"excerpt":"EARNINGS WATCH- Our friends at SODIC reported a 321% y-o-y increase in net profit to EGP 211 mn in 1Q2017. The increase came on a 275% y-o-y increase in revenues \u201creflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined\u2026","rel":"","context":"In "Speed Round"","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":[]},{"id":648804,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/12\/earnings-watch-orascom-elsewedy-electric\/","url_meta":{"origin":599019,"position":3},"title":"Earnings watch: Orascom, Elsewedy Electric","author":"enterpriseam admin","date":"12 April 2017","format":false,"excerpt":"EARNINGS WATCH- Elsewedy Electric reported a 209% y-o-y increase in its consolidated net profit after minority interest to EGP 3.9 bn in 2016, according to its earnings filing. Revenues rose 30% y-o-y to EGP 24.6 bn during the year, the company said in its earnings release, which quotes CEO Ahmed\u2026","rel":"","context":"In "Speed Round"","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":[]},{"id":633041,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/26\/orascom-development-announces-agreements-to-sell-non-core-assets\/","url_meta":{"origin":599019,"position":4},"title":"Orascom Development announces agreements to sell non-core assets","author":"enterpriseam admin","date":"26 February 2018","format":false,"excerpt":"Orascom Development enters agreements to sell non-core assets, will use proceeds to pay down debt: Orascom Development Egypt (ODE) announced signing two final agreements to sell non-core assets. ODE will sell 100% of its equity stake in Tamweel Group and its stake in Makadi Gardens, Royal Azur and Club Azur,\u2026","rel":"","context":"In "Speed Round"","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":[]},{"id":599133,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/19\/ode-offloads-87-stake-in-tamweel-for-egp-313-mn\/","url_meta":{"origin":599019,"position":5},"title":"ODE offloads 87% stake in Tamweel for EGP 313 mn","author":"enterpriseam admin","date":"19 June 2019","format":false,"excerpt":"M&A WATCH- ODH to use proceeds from Tamweel sale to pay down debt: Orascom Development Egypt (ODE) will use EGP 313 mn in cash proceeds from its sale of Tamweel Group to pay down debt, it said in a disclosure to the stock exchange (pdf). 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