Orascom Development Holding AG

EQS-Adhoc: Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom Hotels and Development (OHD), signs a CHF 228.67 million debt refinancing package with its banks

EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom Hotels
and Development (OHD), signs a CHF 228.67 million debt refinancing package with
its banks

03.11.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.

Press Release

Orascom Development's Holding (ODH) largest subsidiary in Egypt, Orascom Hotels
and Development(OHD),signs a CHF 228.67 million debt refinancing package with
its banks

Altdorf, 3 November 2016 - In line with the Central Bank of Egypt's efforts to
support the tourism industry, Orascom Development Holding is pleased to announce
that its largest subsidiary in Egypt, Orascom Hotels & Development (OHD) signed
a debt refinancing package allowing the company to postpone its principal
payments for the coming 3 years and its interest payments for FY 2016 with an
option to postpone the interest payments for FY 2017. As a result, the balance
sheet of the company will be strengthened and thereby lead to more flexibility
to advancing its projects.

The transaction involves the payment of CHF 33.51 million from the CHF 120.47
million of short term facilities and refinancing the remaining balance of CHF
87.18 million into one 8.5 years' syndicated term loan, in addition to the
payment of CHF 14.91 million from CHF 156.16 million of medium term loans and
the refinancing of the remaining balance of CHF 140.55 million into 7.5 years'
tenor term loans, all under a common terms agreement frame work.

Commercial International Bank Egypt (CIB) acted as the restructuring and
coordinating bank for the transaction, while Banque Misr, National Bank of
Egypt, Ahli United Bank, Ahli Bank of Kuwait, National Bank of Abu Dhabi, HSBC
Bank Egypt and CIB are Syndication Lenders. Medium term Lenders included
Commercial International Bank, HSBC Bank Egypt, Arab African International Bank,
Ahli Bank of Kuwait and Export Development Bank of Egypt. Zaki Hashem & Partners
acted as the sole legal advisor for the transaction.

About Orascom Development Holding

Orascom Development is a leading developer of fully integrated destinations that
include hotels, private villas and apartments, leisure facilities such as golf
courses, marinas and supporting infrastructure. Orascom Development's
diversified portfolio of destinations is spread over eight jurisdictions (Egypt,
UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with a
primary focus on touristic destinations. The Group currently operates seven
destinations; three in Egypt El Gouna, Taba Heights and Makadi, The Cove in
United Arab Emirates, Jebel Sifah and Salalah Beach in Oman and Andermatt in
Switzerland. Orascom Development has a dual listing, with a primary listing on
the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11

Contact for Media Relations:
Philippe Blangey
Dynamics Group AG
Tel: +41 432 68 32 35

Disclaimer & Cautionary Statement

The information contained in this e-mail, its attachment and in any link to our
website indicated herein is not for use within any country or jurisdiction or by
any persons where such use would constitute a violation of law. If this applies
to you, you are not authorized to access or use any such information. Certain
statements in this e-mail and the attached news release may be forward-looking
statements, including, but not limited to, statements that are predications of
or indicate future events, trends, plans or objectives. Forward-looking
statements include statements regarding our targeted profit improvement, return
on equity targets, expense reductions, pricing conditions, dividend policy and
underwriting claims improvements. Undue reliance should not be placed on such
statements because, by their nature, they are subject to known and unknown risks
and uncertainties and can be affected by other factors that could cause actual
results and Orascom Hotels and Development's plans and objectives to differ
materially from those expressed or implied in the forward looking statements (or
from past results). Factors such as (i) general economic conditions and
competitive factors, particularly in our key markets; (ii) performance of
financial markets; (iii) levels of interest rates and currency exchange rates;
and (vii) changes in laws and regulations and in the policies of regulators may
have a direct bearing on Orascom Hotels and Development's results of operations
and on whether Orascom Hotels and Development will achieve its targets. Orascom
Hotels and Development undertakes no obligation to publicly update or revise any
of these forward-looking statements, whether to reflect new information, future
events or circumstances or otherwise. It should further be noted, that past
performance is not a guide to future performance. Please also note that interim
results are not necessarily indicative of the full-year results. Persons
requiring advice should consult an independent adviser.

End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Orascom Development Holding AG

          Gotthardstraße 12

          6460 Altdorf


Phone:    +41 41 874 17 17

Fax:      +41 41 874 17 07


Internet: www.orascomdh.com

ISIN:     CH0038285679

Valor:    A0NJ37

Listed:   SIX Swiss Exchange

End of News EQS Group News Service
516879  03.11.2016 

Weitere Meldungen: Orascom Development Holding AG

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