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RTVC close to obtaining EGP 3.3bn of syndicated loan - Daily News Egypt

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RTVC close to obtaining EGP 3.3bn of syndicated loan

The funding will be provided in two tranches, with the first tranche amounting to a total of EGP 2.438bn. The first tranche of funding will be directed to financing lease contracts for the Technolease Leasing Company, at an amount of EGEP 2.138bn. A further EGP 300m will be provided by Banque Misr, to pay a debt incurred by RTVC.


The Remco Tourism Villages Construction Company (RTVC), its subsidiary, and its sister company, are close to obtaining a long-term syndicated loan of EGP 3.3bn.

The funding will be provided in two tranches, with the first tranche amounting to a total of EGP 2.438bn. The first tranche of funding will be directed to financing lease contracts for the Technolease Leasing Company, at an amount of EGEP 2.138bn. A further EGP 300m will be provided by Banque Misr, to pay a debt incurred by RTVC.

The second tranche of funding includes a total of EGP 862m, which will be used to finance RTVC’s working capital.

In a statement on Saturday, the company said that Solid Capital Group has been assigned with its investment and advisory arms as a financial and investment advisor. It will also implement deals undertaken by the RTVC Group and its sister companies since the beginning of 2020.

This comes as part of the strategy pursued by RTVC and its subsidiaries and sister companies to implement a restructuring process. It includes financial, investment, administrative, operational, human, marketing and technical restructuring that will take place in 2021.

The statement added that the restructuring strategies will also cover the restructuring of the group’s high-cost loans, replacing them with loans at a lower financing cost. The exceptionally high-cost loans have affected the performance and cash flows of RTVC Group.

According to the statement, Solid Capital has succeeded in promoting, arranging, and coordinating long-term joint financing with a group of commercial banks and local financial leasing companies for RTVC. The company has also handed over the participating list of banks and financial leasing companies to Banque Misr as the first major arranger.

It added that the primary guarantee agent is the BM Financial Leasing Company, with other companies invited to participate in the financing. This will ensure that Banque Misr can implement the procedures for arranging the joint financing process with the banks and financial leasing companies participating in the joint loan.

Banque Misr is currently partnering with banks and financial leasing companies partaking in the joint loan. Using documents and information provided, it has reached the final list of participation for the issuance of final approvals, in order to proceed with the joint loan’s implementation.

Topics: Loan RTVC

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https://dailyfeed.dailynewsegypt.com/2020/11/22/rtvc-close-to-obtaining-egp-3-3bn-of-syndicated-loan/
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