Six of October Development and Investment Company (SODIC) signed an EGP 900m syndicated medium term loan on 19 December. The loan is supplied by four Egyptian banks, led by the Arab African International Bank (AAIB) as senior mandated lead arranger and facility agent. "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," the company said in an official statement. Describing its success in the Egyptian market, SODIC stated that it "has had a very strong year in terms of sales, reporting an unprecedented EGP 2.6bn of new contracted sales to date." The loan will be used to re-finance the company's outstanding debts on SODIC West, a "mixed use development twice the size of Zamalek." The loan will also finance the finalisation of some of the company's other projects. "We are very glad to have signed this syndication," said Omar El Hamawy, SODIC's CFO. "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 as a developer," El Hamawy added.
