United Kingdom

Palm Hills Developments commences monetization of receivables program

Sunday, 9 Oct 2016 

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.