27 Mar 2013 07:00
PIK Group redeems credit facilities
London, March 27, 2013: PIK Group ("PIK" or "the Group"), one of Russia's leading residential real estate developers, today is pleased to announce that it has fully redeemed its outstanding credit facilities with Nomura International Plc., Morgan Stanley Senior Funding Inc. and one of the two credit facilities with JSCB Rosbank. In doing so PIK has repaid approx. RUB0.9bn debt ahead of schedule.
Reducing borrowings remains a key focus for the Board and since the beginning of the year total debt has declined by RUB1.1bn to RUB40.7bn.
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About PIK-Group
PIK-Group is a leading Russian real estate developer, focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions. Since its foundation in 1994, PIK-Group has become a market leader in mass market residential property sector completing over 200 000 apartments of affordable housing across the country. The Group has a substantial diversified land bank of net selling area of 6.9 million square meters and a dedicated professional team with over 12,000 employees. Given its brand recognition and the scale of its operations, in 2008 the Russian Government included PIK on the list of the nation's strategically important companies. For more information please visit: http://www.pik-group.com
Enquiries:
Investors
PIK Group Tel: +7 495 505 97 33 ext. 1358 / 1315
Viktor Szalkay
Media
Natalia Ivanova Tel: +7 495 505 97 33 ext. 1010 /1014