AFI Development PLC LOAN RESTRUCTURING AGREEMENT REACHED WITH VTB BANK (2793C)
18 January 2018 - 10:41PM
UK Regulatory
TIDMAFRB TIDMAFID
RNS Number : 2793C
AFI Development PLC
18 January 2018
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION
IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA,
AUSTRALIA OR JAPAN
AFI DEVELOPMENT PLC
("AFI DEVELOPMENT" OR THE "COMPANY")
AFI DEVELOPMENT AGREES TO RESTRUCTURE ITS LOANS WITH VTB
BANK
London, 18 January 2018 - AFI Development Plc announces that it
has reached an agreement to restructure its loan agreements with
VTB Bank PJSC ("VTB") in relation to the AFIMALL City project and
the Ozerkovskaya III project. It has been agreed that the Company
subsidiary Bellgate Constructions Limited ("Bellgate", the owner of
AFIMALL City) signs a new loan facility agreement ("the New Loan"),
which will be used to refinance the existing Bellgate loan from VTB
and to repay its loan from AFI Development.
Bellgate will receive the New Loan in five tranches, in Euros
and in Russian Roubles. The blended interest rate on the New Loan
is circa 5.6% (assuming current EUR/RUR exchange rate and current
Russian Central Bank key lending rate). The interest and the
principal of the New Loan are to be paid quarterly, while the term
of the loan is 5 years. After drawdown of all the tranches,
Bellgate will have loan obligations in Russian Roubles of a maximum
amount of RUR9.6 billion and in Euros in the equivalent of US$360
million.
AFI Development plans to use the funds received by Bellgate to
repay the remainder of Ozerkovskaya III loan. Taking into account
partial repayment of this loan from proceeds received from disposal
of two buildings at Ozerkovskaya III in December 2017, the
Ozerkovskaya III loan at VTB will be fully repaid.
The New Loan has additional conditions and securities common for
this type of loan agreements on the Russian market. AFI Development
Plc will not provide a guarantee for the New Loan.
- ENDS -
For further information, please contact:
AFI Development, +7 495 796 9988
Ilya Kutnov, Corporate Affairs/Investments Director (Responsible
for arranging the release of this announcement)
Citigate Dewe Rogerson, London +44 20 7638 9571
David Westover
Sandra Novakov
This announcement contains inside information.
About AFI Development
Established in 2001, AFI Development is one of the leading real
estate development companies operating in Russia.
AFI Development is listed on the Main Market of the London Stock
Exchange and aims to deliver shareholder value through a commitment
to innovation and continuous project development, coupled with the
highest standards of design, construction and quality of customer
service.
AFI Development focuses on developing and redeveloping high
quality commercial and residential real estate assets across
Russia, with Moscow being its main market. The Company's existing
portfolio comprises commercial projects focused on offices,
shopping centers, hotels and mixed-use properties, and residential
projects. AFI Development's strategy is to sell the residential
properties it develops and to either lease the commercial
properties or sell them for a favorable return.
AFI Development is a leading force in urban regeneration,
breathing new life into city squares and neighborhoods and
transforming congested and underdeveloped areas into thriving new
communities. The Company's long-term, large-scale regeneration and
city infrastructure projects establish the necessary groundwork for
the successful launch of commercial and residential properties,
providing a strong base for future.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGREAFFPFLEPEFF
(END) Dow Jones Newswires
January 18, 2018 06:41 ET (11:41 GMT)
Afi Development (LSE:AFRB)
Historical Stock Chart
From Apr 2024 to May 2024
Afi Development (LSE:AFRB)
Historical Stock Chart
From May 2023 to May 2024