Orascom Development Egypt has signed medium term loan agreement to refinance and upsize its outstanding debt with the equivalent of USD 265 million 7 years term loan with a 2.5 years grace period. ODE intends to use the proceeds as follows: Up to USD 215 million, to refinance outstanding balances of its debt to relieve the company from upcoming debt commitments; 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. CIB, Banque Misr, Banque Du Caire, and HSBC are acting as mandated lead arrangers and EFG Hermes acted as sole financial advisor, lead manager, global coordinator and bookrunner for the transaction and CIB is acting as the Facility Agent on the transaction. MHR & Partners acted as legal counsel for ODE, while Helmy, Hamza & Partners acted as legal counsel to the lenders.