Edition:
United Kingdom

Palm Hills gets lenders' approval on reduction of interest rates to bulk of existing debt


Sunday, 30 Jul 2017 

July 30 (Reuters) - PALM HILLS DEVELOPMENTS COMPANY :CONCLUDES NEGOTIATIONS WITH LENDING BANKS AND RECEIVES APPROVAL ON REDUCTION OF INTEREST RATES APPLICABLE TO BULK OF ITS EXISTING DEBT.INTEREST RATE ON EGP 2.4 BILLION SYNDICATED MEDIUM TERM LOAN TO BE REDUCED FROM 3.25 PERCENT OVER LENDING CORRIDOR RATE TO 1.75 PERCENT OVER LENDING CORRIDOR RATE.INTEREST RATE ON EGP750 MILLION SYNDICATED MEDIUM TERM LOAN TO DECREASE FROM 2.9 PERCENT OVER LENDING CORRIDOR RATE TO 1.9 PERCENT OVER LENDING CORRIDOR RATE.REDUCTION IN INTEREST RATES WILL RESULT IN TOTAL SAVINGS OF EGP 100 MILLION ON FINANCING COSTS TO CO OVER TENOR OF LOANS.