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18 Dec 2009 11:56
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18Β December 2009
MIRLAND DEVELOPMENT CORPORATION PLC
("MirLand" or the "Company")Β
New USD 30 Million Loan Agreed with UniastrumΒ Bank
MirLand Development Corporation plc, one of the leading residential and commercial property developers in Russia, announces that itΒ has entered into a loan agreement (the "Loan") with CB Uniastrum Bank LLC (the "Bank") under which the Bank shall extend a non-revolving credit facility of up to USD30Β million.
The first tranche of the Loan, amounting to USD15Β million, was received on 17 December 2009. The second tranche of the Loan (USD15Β millionΒ ) shall beΒ made availableΒ subject to OJSC MAG ("MAG"), a subsidiary of the Company, meeting target revenues from the MAG project.
The Loan is secured by a pledge on MAG's assets in favour of the Bank and will be used to fund the ongoing working capital requirements of the Company.
The Loan is repayable in equal and consecutive monthly payments over the next ten years and carries an annualized interest rate of 10.7%.
For further information:
|
MirLand Development Corporation plcΒ Roman Rozental roman@mirland-development.com |
+7 499 130 31 09Β |
|
Financial DynamicsΒ Rachel Drysdale rachel.drysdale@fd.comΒ |
+44 20 7831 3113 |
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