SODIC inks EGP 4.14B syndicated facility deal to fund development costs

Updated 9/9/2024 9:28:00 AM
SODIC inks EGP 4.14B syndicated facility deal to fund development costs

Arab Finance: The Sixth of October Development and Investment Company (SODIC) has signed a long-term syndicated facility agreement with Banque Misr and the Commercial International Bank (CIB) valued at EGP 4.14 billion, the company stated.

The facility will be used to partially fund the remaining development cost of SODIC’s 464-feddan project in New Zayed, as well as cover the project’s other related expenses.

The deal comes in line with SODIC’s objectives to boost its leverage to increase revenues.

It is worth noting that SODIC maintains low levels of leverage, with EGP 3 billion of outstanding debts as of June 30th, 2024, marking a debt-to-equity ratio of 0.32x.

 

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