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AFI DEVELOPMENT PLC
("AFI Development" or "the Company")
AFI Development extends loan at Aquamarine III
London, 26 January 2015 - AFI Development Plc ("AFI Development" or "the Company") today announces that its subsidiary Krown Investments LLC ("Krown") has signed an addendum to the loan facility agreement with VTB Bank OJSC ("the Bank), extending the term of the loan to 26 January 2018.
Krown, which owns the Aquamarine III (Ozerkovskaya III) office complex, has an existing loan from the Bank maturing on 26 January 2015, of which US$ 205 million is outstanding. In addition to extending the term of the loan, the new addendum amends the payment schedule and interest rate conditions of the loan agreement and introduces new covenants. The payment schedule anticipates repayments of the principal starting from Q4 2015, while the new covenants include a Debt Service Coverage Ratio of 1.2 applicable from Q4 2015 and a Loan to Value ratio of 65%. Under the addendum, in the coming days Krown will pay US$10 million to the Bank as partial repayment of the outstanding loan amount, thus reducing the total to US$195 million. About 90% of the principal is to be paid at maturity.
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For further information, please contact:
AFI Development, +7 495 796 9988
Citigate Dewe Rogerson, London +44 20 7638 9571
About AFI Development
AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd.
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 favourable 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