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BRIEF-Palm Hills signs deal with banks related to receivables securitization program
December 19, 2016 / 3:38 PM / a year ago

BRIEF-Palm Hills signs deal with banks related to receivables securitization program

Dec 19 (Reuters) - Palm Hills Developments Company Sae

* Says signs agreements with Sawra Capital, Arab African International Bank, Banque Misr in relation to its receivables securitization program

* Says expect to launch securitization bond for EGP 404 million after receipt of Egyptian Financial Supervisory Authority’s approval

* Says securization bond to be offered to local financial institutions via private placement over three tranches

* Says proceeds of securization bond to be used in pre-paying company’s existing debt

* Says latest development in line with co’s plans to deleverage balance sheet via monetization of receivables of upto EGP 2.5 billion over 2-3 years

* Says bond will be fully underwritten by Arab African International Bank and Banque Misr

* Says Sawra Capital, Arab African International Bank and Banque Misr will be issuing bond and promoting the subscription Source text for Eikon: Further company coverage:

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