June 12, 2019 / 5:01 PM / 5 months ago

BRIEF-Orascom Development Says Orascom Development Egypt Signed CHF 228.1 Mln Debt Rescheduling Package With Egyptian Banks

June 12 (Reuters) - Orascom Development Holding AG:

* ORASCOM DEVELOPMENT HOLDING -CO'S LARGEST UNIT IN EGYPT, ORASCOM DEVELOPMENT EGYPT SIGNED CHF 228.1 MILLION DEBT RESCHEDULING PACKAGE WITH EGYPTIAN BANKS.

* ORASCOM DEVELOPMENT- TRANSACTION INVOLVES IMMEDIATE CASH PAYMENT OF CHF 19.5 MILLION OUT OF A TOTAL CHF 38.9 MILLION, WITH REMAINING TO BE PAID BY END OF JUNE 2019

* ORASCOM DEVELOPMENT HOLDING -ORASCOM DEVELOPMENT EGYPT LENDERS AGREED TO REDUCE THE INTEREST RATE MARGIN ON THE FOREIGN CURRENCY DEBT BY 100 BPS.

* ORASCOM DEVELOPMENT HOLDING - REDUCTION OF INTEREST RATE MARGIN ON FOREIGN CURRENCY DEBT WILL REDUCE WEIGHTED AVERAGE COST OF DEBT FROM 9.0% TO 8.1%

* ORASCOM DEVELOPMENT - REDUCTION OF INTEREST RATE MARGIN ON FOREIGN CURRENCY DEBT TO RESULT IN SAVINGS OF CHF 4 MILLION IN INTEREST PAYMENTS FOR 2019 Further company coverage:

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