Orascom agrees syndicated loan

CHF160mn facility will let hotel company restructure debt.

Orascom Hotels & Development, an Egyptian subsidiary of Swiss real estate group Orascom Development, has agreed a CHF160mn (€108mn) syndicated loan with National Bank of Egypt and Banque Misr.

The company will use the seven-year facility to restructure its short-term debt as well as back the building of new hotels and renovation of existing properties.

National Bank of Egypt and Banque Misr were the mandated lead arrangers. Eight other local and regional banks also acted as lead arrangers, arrangers, and participants.

In December, Orascom Development issued the first depositary receipts to be listed on Egypt’s EGX stock exchange.