Qalaa Holdings’ ERC finalizes debt restructuring
Updated 12/22/2024 10:23:00 AMArab Finance: Egyptian Refining Company (ERC), a subsidiary of Qalaa Holdings, has finalized its senior and subordinated debt restructuring as of December 20th, 2024, as per a bourse statement.
ERC paid a total of $33.3 million in fees and default interest related to the debt restructuring process.
As part of its scheduled debt repayment, ERC made an additional payment of $233.6 million to senior lenders, including $197 million in principal repayment and $36.6 million in interest and fees.
Furthermore, a total of $48.1 million was paid to subordinated lenders in accordance with the restructuring agreement.
Currently, the net senior debt stands at $363 million, lower than an initial amount of $2.35 billion, which is forecast to be fully repaid by December 2025.
The subordinated debt is valued at $751 million, with an expected repayment completion by 2030.
Meanwhile, ERC is anticipated to disburse its first dividend payout in 2026.
In line with its strategy, the unit aims to boost sustainable growth, achieve long-term financial stability, and maintain an ideal balance between growth and dividend distribution.
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