Cairo, Egypt, November 30, 2020 - Helmy, Hamza & Partners, Baker McKenzie Cairo office, represented four syndicated lenders in relation to a multicurrency syndicated facilities agreement with Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding. The original lenders, consisting of the Commercial International Bank (Egypt) S.A.E (CIB), Banque Misr, Banque du Caire and HSBC Bank Egypt, financed approximately US$ 265 million 7 years term loan to ODE to settle its existing debt and to further support the developer’s growth plans. 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.
Lead Partner on the deal, Lamyaa Gadelhak, Partner and Co-head of Banking & Projects at Helmy, Hamza & Partners, Baker McKenzie Cairo stated: "Despite the difficult conditions in the current corona crisis, we have successfully brought this financing transaction to signing with the dynamic collaboration of our clients and our very capable and dedicated Banking & Finance team. We are pleased to have had represented the lenders in this financing and working with a major key player in the market like Orascom Development Egypt.”
The medium-term loan agreement was signed on November 19th, 2020.
Orascom Development Egypt is a subsidiary of Orascom Development Holding (ODH) which is a leading developer based in Egypt of fully integrated projects. ODE is one of the best builders in Egypt operating within the consumer services sector building resort towns to metropolitan areas.
The Helmy, Hamza & Partners, Baker McKenzie Cairo, counsel team was led by Partner and Co-head of Banking & Projects Lamyaa Gadelhak and supported by Senior Associate, Mostafa Lotayef and Associate Farah Abdel Rahman.
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About Helmy, Hamza & Partners, Baker McKenzie Cairo
Helmy, Hamza & Partners, Baker McKenzie Cairo, is one of the oldest established international law firms in the Egyptian legal market. Combining in-depth knowledge of local laws with the experience of a global firm, we help you navigate the legal and business landscape in Egypt and worldwide.
Baker McKenzie Cairo currently employs approximately 40 lawyers, including 4 partners and 8 of counsels, all of whom have an outstanding knowledge of the local legal, business, social and cultural environment. While most of us are Egyptian by training, we are all international and global in our know-how, experience and practice.
Collaborating with colleagues in other firm offices as well as with local law firms where needed, we can seamlessly guide you through the intricacies of Egypt’s regulatory environment without the interface issues that can occur between international and local counsel. Working as a cohesive team means we can provide efficient, high-quality service with less duplication.
We have unrivalled international resources across 78 offices worldwide. Practicing in Egypt since 1986, our firm is deeply committed to furthering your business interests both within the Middle East and globally.