AFI Development PLC UPDATE ON THE LOAN FACILITY AGREEMENTS (4796Q)
November 29 2016 - 12:10PM
UK Regulatory
TIDMAFRB TIDMAFID
RNS Number : 4796Q
AFI Development PLC
29 November 2016
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")
UPDATE ON THE LOAN FACILITY AGREEMENTS
London, 29 November 2016 - Further to the Company's announcement
on 28 September 2016, on the agreement between the Company and Bank
VTB PJSC ("VTB") to amend the terms of the loan facility
agreements, the Company provides the following update to the
market.
On 28 November 2016 the Company and VTB have executed additional
addenda to the Krown Investments LLC ("Krown") and Bellgate
Constructions Limited ("Bellgate") loan facility agreements
providing for a 30 day extension to the deadline for execution of
the outstanding security documents (which had to be executed within
60 days from the execution date of the initial amending
agreements), under both loan facility packages. The Company and VTB
have also entered into technical addenda to the existing share
pledge, surety and mortgage agreements.
The extension is related to the significant amount of legal work
required for preparation of the new agreements by VTB. The Company
expects all outstanding documents to be executed by the new
deadline.
The pledges over the equipment used to operate the Kossinskaya
project shall be part of the Kossinskaya mortgage and secondary
ranking mortgage agreements and shall not be executed as separate
agreements.
The Company will update the market when the outstanding security
agreements are executed.
- 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 2003, 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 and 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
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