Hals-Development HALS CREDIT AND SECURITY AGREEMENTS WITH VTB BANK

  Hals-Development (HALS) - CREDIT AND SECURITY AGREEMENTS WITH VTB BANK

RNS Number : 0609Q
Hals-Development JSC
01 November 2012
 



CREDIT AND SECURITY AGREEMENTS WITH VTB BANK 

 

Moscow, Russia -  01 November 2012 -  HALS-Development (LSE,  MICEX: HALS),  a 
major Russian  real  estate  company,  announces  that  the  Company  and  the 
Company's subsidiary - Gorki  - 8 LLC.  have  signed the following credit  and 
security agreements with Bank VTB:

 

1)   Addendum to the Credit agreement #2680 dated 27/01/2011 between Gorki - 8
LLC. and Bank VTB:

Under the  terms of  the deal  the total  credit amount  is increased  to  RUR 
14 756 834 275 and the credit repayment date is prolonged till 26.01.2017 (the
credit interest rate - 12% per annum).

The total credit  amount with the  interest rate on  the credit will  be 30,69 
bln. RUR  (in  round  figures)  that  is  71,9%  of  the  book  value  of  the 
subsidiary's assets on the  end date of the  reporting period (quarter,  year) 
preceding the settlement of transaction in the amount of 42 703 560  thousands
rubles (RAS).

 

2)    Addendum  to  the  pledge  Agreement  of  receivables  #2680-ДЗ/4  dated 
27/01/2011 between Gorki - 8 LLC. and Bank VTB:

Under the terms of the deal the collateral value of the pledged receivables is
increased to RUR 17 940 106 650.

Subject of transaction also relates to  the changes of the secured  obligation 
(Credit agreement #2680 dated 27/01/2011), namely - relates to the  increasing 
of the credit  amount till  RUR 14 756 834 275  and prolonging  of the  credit 
repayment date till 26.01.2017.

The agreement shall be valid till obligations under the Credit agreement #2680
dated 27/01/2011 are fulfilled in full.

The price of the investment contract, under which the receivables are pledged,
as well as collateral value of the  pledged receivables is 42,01% of the  book 
value of  the subsidiary's  assets on  the end  date of  the reporting  period 
(quarter, year)  preceding the  settlement  of transaction  in the  amount  of 
42 703 560 thousands rubles (RAS).

 

3)   Addendum to the Guarantee agreement  #2680- П/1 dated  27/01/2011 between 
Company and Bank VTB:

Subject of  transaction  relates to  the  changes of  the  secured  obligation 
(Credit agreement #2680 dated 27/01/2011 between Company's subsidiary -  Gorki 
- 8 LLC.  and VTB  Bank), namely  - relates to  the increasing  of the  credit 
amount till RUR  14 756 834 275 and  prolonging of the  credit repayment  date 
till 26.01.2017.

The Agreement shall be valid till 26 January 2020.

The volume of  guarantee (the credit  line limit with  interest for using  the 
loan under the credit agreement, calculated  for the whole term of the  credit 
line) - RUR 30 694 215 292 that is 34,65%  of the book value of the  Company's 
assets on the end date of  the reporting period (quarter, year) preceding  the 
settlement of transaction in the amount of 88 572 881 thousands rubles (RAS).

 

Hals-Development ("the Company") is one  of the leading diversified  companies 
on the Russian real estate market.

The Company was the first Russian property developer to list its shares on the
main market of the London Stock Exchange. The Company's shares are also listed
on the Moscow Interbank Currency Exchange and the Moscow Stock Exchange.

Main shareholder of Hals-Development is Bank VTB (51.24%); free float is about
21,16%.

Starting operations in 1994, Hals-Development has successfully completed about
40 projects with a  total area over 450,000  square meters, including  several 
residential  complexes  in  Kuntsevo,  the  headquarters  of   DaimlerChrysler 
company, the  Hals Tower  office building,  the headquarters  of the  Trubnaya 
Metallurgical Company, the hotel for the MaMaison chain (Orco Property Group).

Hals-Development is  currently  developing  the SkyLight  complex  in  Moscow; 
reconstructing  the  building  of  the  Central  "Detsky  Mir"  on   Lubyanka; 
constructing LETO shopping center in Saint Petersburg; developing the  Project 
«Multi-function complex  with  a transport  terminal  as part  of  the  Moscow 
International  Business  Center  «Moscow-City»,  and  fulfils  several   other 
projects.

Hals-Development has assembled a balanced and diversified portfolio of  assets 
in fast-growing sectors of  the market. The Company's  strategy is focused  on 
building Class  A  and  B  office space,  multifunctional  retail  and  office 
complexes, business-class residential buildings.

 

For further information please contact:

 

Elena Balashova

Corporate Secretary

Tel. +7 (495) 589-2222 (ext.43350)

balashovaep@hals-development.ru

                                       

                                     ***

The information in  the press release  may contain forward-looking  statements 
regarding   future   events   or   the   future   financial   performance   of 
Hals-Development. You can identify forward looking statements by terms such as
"expect", "believe",  "anticipate",  "estimate",  "intend",  "will",  "could", 
"may" or "might" the negative of  such terms or other similar expressions.  We 
wish to  caution you  that these  statements are  only predictions  and  those 
actual events or  results may differ  materially. We do  not intend to  update 
these statements to reflect events and circumstances occurring after the  date 
thereof or to reflect the occurrence of unanticipated events.

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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AGRBBBATMBIMMFT -0- Nov/01/2012 07:00 GMT