Sixth of October Development & Investment Co. (SODIC) (OCDI.CA) announced that it has signed a syndicated medium term loan with an amount of EGP 900 million from four major Egyptian banks, led by the Arab African International Bank (AAIB) as Senior Mandated Lead Arranger and Facility Agent. The loan will be directed to re-financing the Company's outstanding debts on SODIC West, as well as financing the remaining works in some of its projects there. Commenting on the signature of this facility, Omar El Hamawy, SODIC's CFO said "We are very glad to have signed this syndication. In addition to streamlining SODIC's existing facilities on SODIC West, the syndication will enable SODIC to speed up the construction and delivery of its projects while rapidly achieving its potential growth rate as a developer." SODIC has had a very strong year in terms of sales, reporting an unprecedented EGP 2.6 billion of new contracted sales to date. SODIC is currently delivering units across seven different projects, with Westown Residences' first phase witnessing deliveries a full year ahead of schedule. The syndication is a testament to SODIC's credibility as a developer, as well as its strong financial position and the lenders' confidence in SODIC's ability to deliver on its commitments.
