Sixth of October Development & Investment Company (SODIC) announced on Tuesday that it signed a revolving credit facility with Commercial International Bank (CIB) for a total amount of 1.2 billion Egyptian pounds ($39 million).

The CIB facility has a tenor of seven years and is backed by receivables representing future instalments for units delivered across SODIC’s projects, according to a press statement issued by the developer. 

SODIC, majority-owned by Abu Dhabi-based developer Aldar, said the facility will allow the company additional flexibility to monetise its growing portfolio of receivables to finance the ongoing operations of its various projects.

SODIC's debt as of 30 September 2023 stood at EGP3.34 billion ($108 million) of debt, reflecting a debt-to-equity ratio of 0.42x, the statement noted.

(1 US dollar = 30.90 Egyptian pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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