Issa brothers’ EG Group launches enormous $6.1 billion debt refinancing deal

Jun 08, 2023 at 5:29 PM

Issa brothers’ EG Group launches enormous .1 billion debt refinancing deal

he Issa brothers’ EG Group has launched into a staggering $6.1 billion debt refinancing deal because it faces looming deadlines over billions of kilos of loans.

The agency stated immediately it had entered into discussions with lenders to increase the size of its loans in addition to its overdraft services because it reported a primary quarter drop in earnings.

The deal contains loans of €2.12billion (£1.82 billion), $2.79 billion (£2.23 billion), £600 million and A$378 million (£202 million), in keeping with Bloomberg knowledge.

EG Group stated: “The Group has launched a three year amend & extend of its term loans. The Group has already initiated a process with key relationship banks seeking both an extension of its RCF and banking facilities, and has received good support in this process.”

The agency immediately reported first-quarter EBITDA of $228 million, a fall of 13% on the earlier 12 months, which it stated was a mirrored image of “competitive market pressures following oil price decreases in the quarter.”

It comes after the retail and petrol forecourt conglomerate bought off billions of kilos of property in a bid to bear down on its heavy debt burden. In March, the corporate struck a $1.5 billion greenback sale and leaseback deal on its property within the US, whereas earlier this week, the firm sold the majority of its UK operations to Asda, additionally owned by the billionaire duo, in a £2.3 billion deal.