23 Dec 2014 15:39
23 December 2014
Arricano Real Estate plc
("Arricano" or the "Company")
EBRD Loan Facility
Arricano (AIM:ARO), a leading retail real estate developer and operator in Ukraine, announces that it is considering the terms of a proposed loan of approximately US$25 million from the European Bank for Reconstruction and Development (the "EBRD") (the "Proposed Loan"). This announcement is published in conjunction with a press release published today by the EBRD which confirms that they are in negotiations with Arricano regarding the Proposed Loan.
The proceeds of the Proposed Loan would, if agreed, be deployed by the Company to repay US$10 million of an existing loan with PJSC "State Savings Bank of Ukraine" (Oschadbank) and to finance the completion and operation of Arricano's new Shopping and Entertainment Centre ("SEC"), Prospect, which is located in Kyiv, Ukraine. The SEC Prospect opened as scheduled in September 2014 and was officially opened on 6 December 2014.
It is anticipated that the Proposed Loan arrangements will be finalised and agreed by both the EBRD and Company shortly, at which time a further announcement will be made by Arricano.
For further information please contact:
Arricano Real Estate plc | Tel: +380 44 569 6708 |
Mikhailo Merkulov, CEO | |
Nominated Adviser and Joint Broker | |
Smith & Williamson Corporate Finance Limited | Tel: +44 (0)20 7131 4000 |
Azhic Basirov | |
Joint Broker | |
Whitman Howard Limited | Tel: +44 (0)20 7087 4555 |
Ranald McGregor-Smith | |
Financial PR | |
Novella | Tel: +44 (0)20 3151 7008 |
Tim Robertson / Ben Heath |