Kuwait, Bahrain report coronavirus in people who visited Iran    Afghanistan confirms first case of coronavirus from three suspected    Is Nefertiti's long-looked-for mysterious mummy buried next to Tutankhamun's?    Egyptian Irrigation Minister discusses accomplishments of country's mission in Uganda    Social Solidarity Ministry to restructure its activities in cooperation with private sector: El–Kabbaj    Alexbank, EBRD sign $100m agreement    Naguib Sawiris in talks to acquire 51% stake in Shalateen state-owned mining firm    Al Ahly, Zamalek play 2nd Cairo Derby in less than 96 hours    Government's amendment to oil agreements, price review prompt industry to rise again: Shell    Libya National Army say 16 Turkish soldiers killed in fighting    Programme: Japanese Film Week kicks off at Cairo Opera House    Iran raises death toll from new virus to 8, infections to 43    Egyptian MP takes over presidency of Parliamentary Assembly of the Mediterranean    ACWA Power to develop Egypt's sustainable water desalination sector    Egypt's Arab Contractors to finish New Capital's Parliament Building within weeks    BREAKING: Former CAF general secretary Amr Fahmy dies - reports    Amr Fahmy former CAF general-secretary, dies battling cancer    Lebanese hospital uses healing power of music to fight cancer    Iran's state TV: Hardliners win all seats for Tehran in vote    Italy coronavirus cases increase to more than 100    Brexit team seeks to evade Irish Sea checks on goods    Mohamed Ramadan: Former aviation minister says pilot deserves ban    KFAED in Egypt to discuss Sinai development projects    Mahraganat: controversy over barring Egyptian street popular music    Saudi-led coalition says foiled Red Sea attack by Yemen's Houthis    Milan coach Pioli angry after draw with Fiorentina    Real boss Zidane pessimistic about Hazard injury ahead of vital week    70th Berlinale kicks off with My Salinger Year starring Sigourney Weaver    COVID-19 toll reaches 2,360 deaths, 77,700 infections so far    Madbouly joins high-level African judiciary meeting on terrorism    South Sudan president reappoints rebel leader Machar in unity government    Egypt's Sisi stresses commitment to success of Ethiopian dam negotiations    Al-Sisi discusses enhancing commercial cooperation with Chile    Egypt's Ghada Wali sworn in as UN Office on Drugs and Crime executive head    Mashrabia Gallery participates in 1-54 African Contemporary Art Fair Marrakech 2020 ( 22-23 February)    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt seeks justice, development for Africa: PM    Egypt court acquits Alaa and Gamal Mubarak of the 'stock market manipulation' case    Soma Bay to host Golf Gourmet Week with 150 international golfers    Egypt court reverses order to release activist Alaa Abdel-Fattah from detention    Pompeo says Ethiopia-Egypt massive dam dispute could take months    Man behind cut, copy and paste shortcuts dies aged 74    Al Ahly play Zamalek for Egypt Super Cup in Abu Dhabi    Little Women on its way to become a classic    UEFA Champions League: defending champions Liverpool clash with Atletico Madrid    Chinese Grand Prix likely to be called off amid coronavirus concerns    Egypt's Golden Age actress, Nadia Lutfi, dies at 83    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Palm Hills signs EGP 505m credit facility with AUB to refinance existing debt
Mansour added that this move comes in line with the PHD's strategic direction towards leverage optimisation, reducing financing costs and cash flow enhancements.
Published in Daily News Egypt on 22 - 01 - 2020

Palm Hills Developments (PHD) announced on Tuesday the signing of a loan agreement of EGP 505m with Ahli United Bank Egypt (AUB). The new facility will replace the existing medium-term loan previously granted by the Arab African International Bank (AAIB).
PHD's Chairperson and Group CEO Yasseen Mansour said, "I am very pleased with this refinancing agreement, which is our second transaction as part of the company's debt optimisation programme. With these agreements, PHD will further solidify its financial position and reduce the debt burden by improving the current credit terms, capitalising on the performance and maturity of some of our projects."
Mansour added that this move comes in line with the PHD's strategic direction towards leverage optimisation, reducing financing costs and cash flow enhancements.
According to the press statement, the loan will finance the outstanding balance of the existing facility for Palm Parks' project, in addition to funding the project's updated investment cost and remaining construction works to speed up the project's completion.
PHD received a competitive financing scheme from AUB, compared to the terms and conditions of the existing credit facility.


Clic here to read the story from its source.