Palm Hills Developments Announce The Closing Of Discounting Transaction Of Receivables Portfolio Of EGP316 Million
Palm Hills Developments ("PHD" or "the Company") and Arab African International Bank has successfully concluded discounting transaction of EGP316 million receivables portfolio relating to 181 delivered units in the following projects: Golf Views, Golf Extension, Palm Hills Katmya Extension and Hacienda White 2.
PHD will receive net proceeds of EGP223 million, after applying a discount rate of 18.75%, and deducting various transaction related fees and commissions. The Company will utilize the transaction proceeds in paying part of its existing debt, as part of its deleveraging plans. Notably, the Company remains on track to conclude a number of securitization of receivables transactions prior to year-end.
