Palm Hills Developments okays long-term joint finance from NBE

The company will utilize the finance to refund the medium-term loan borrowed to develop the Crown project

  

ArabFinance: Palm Hills Developments (PHD) approved the long-term joint finance from the National Bank of Egypt (NBE) and other banks of EGP 1.28 billion, according to the company’s statement filed to the Egyptian Exchange.

The company will utilize the finance to refund the medium-term loan borrowed to develop the Crown project.

PHD closed on November 29th an EGP 1.25 billion securitized bond issuance.

CI Capital Investment Banking and the Arab African International Bank (AAIB) acted as lead managers and arrangers, the statement added.

PHD is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.

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