EQS-Adhoc

Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE) signs USD 265 million medium-term loan to refinance its existing debt, securing 2.5 years of grace period and extending its term loans to 7 years.

EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE) signs USD 265 million medium-term loan to refinance its existing debt, securing 2.5 years of grace period and extending its term loans to 7 years. 23-Nov-2020 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 KR The issuer is solely responsible for the content of this announcement. Press Release

Orascom Development Holding AG's largest subsidiary in Egypt, Orascom Development Egypt (ODE) signs USD 265 million medium-term loan to refinance its existing debt, securing 2.5 years of grace period and extending its term loans to 7 years.

Altdorf, November 23, 2020 - Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE) has signed a medium term loan agreement to refinance and upsize its outstanding debt with the equivalent of USD 265 million 7 years term loan with a 2.5 years grace period.

ODE intends to use the proceeds as follows:

- Up to USD 215 million, to refinance outstanding balances of its debt to relieve the company from upcoming debt commitments.

- An additional tranche of up to USD 50 million (in Egyptian Pounds), will be available for drawdown over 2 years for future growth opportunities at the discretion of the Group including any planned capex for roll out of new rooms and renovation of hotels in the Group's destinations.

CIB, Banque Misr, Banque Du Caire, and HSBC are acting as mandated lead arrangers and EFG Hermes acted as sole financial advisor, lead manager, global coordinator and bookrunner for the transaction and CIB is acting as the Facility Agent on the transaction. MHR & Partners acted as legal counsel for ODE, while Helmy, Hamza & Partners acted as legal counsel to the lenders.

Omar El Hamamsy, ODH's Group CEO commented: "I am delighted with the trust and support we have received from the participating banks and the signing of the above mentioned facility, which enabled the Company to optimize the financing terms to match the Company's improved financial and operational profile. The seven years tenor with a 2.5-years principal repayment grace period factors in the covid-19 situation and permits for capex spending as the situation stabilizes. The extension of maturity will fit with the Company's financial profile, expansion plan and allow it to grow in the coming period".