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BRIEF-Palm Hills Developments commences monetization of receivables program
October 9, 2016 / 6:51 AM / a year ago

BRIEF-Palm Hills Developments commences monetization of receivables program

Oct 9 (Reuters) - Palm Hills Developments Company Sae

* Commences monetization of receivables program including the issuance of securitized bonds by up to 1 billion EGP

* Bonds will have expected tenor of 5 years, will mainly target money market funds, local banks, insurance companies

* Says transaction proceeds to be mainly utilized in refinancing existing debt, in form of non-recourse off balance sheet financing

* First transaction seen closing in last quarter of 2016 for total consideration of EGP 350 mln-450 mln in receivables relating to delivered units in some of co's projects Source text (j.mp/2e3RQXD) Further company coverage:

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