PIK Group PIK Update on Sberbank Credit Facilities

  PIK Group (PIK) - Update on Sberbank Credit Facilities

RNS Number : 3157S
PIK Group
29 November 2012








Update on Sberbank Credit Facilities

Extension of Repayment schedule to 2014

London, November 29, 2012: PIK Group  ("PIK" or "the Group"), one of  Russia's 
leading residential  real  estate  developers,today  announces  that  it  has 
reached agreement with Sberbank, the  Group's largest creditor, to extend  its 
existing debt repayment schedule.

The same time, there were no change  in interest rates under the above  credit 
facilities.

As of 30 June 2012, PIK Group outstanding debt amounted to RUB47.3bn of  which 
RUB1.5bn represented accrued interest payable. In the second half of 2012, PIK
continued servicing its  debt in  due course and  managed to  cut RUB1.5bn  of 
excess debt. In 3Q12 alone PIK repaid RUB0.7bn to Sberbank.

Consequently, as  of 28  November  2012, PIK  Group's total  outstanding  debt 
amounted to  approx.  RUB44.3bn (equivalent  to  approx. US$1.4bn),  of  which 
Sberbank exposure onto PIK was RUB27.5bn.

In line  with initial  debt repayment  schedule under  credit facilities  with 
Sberbank, RUB0.7bn and RUB15.3bn  was due for debt  repayment during 4Q12  and 
2013 by equal quarterly installments.

Given recent arrangements between the  counterparties, Sberbank has agreed  to 
amend the repayment schedule reducing amounts due in 4Q12 and in 2013 down  to 
RUB0.3bn and RUB1.4bn  accordingly. The  difference of  RUB14.3bn is  extended 
into 2014.



Enquiries:

PIK Group

Investors

Viktor Szalkay Tel: +7 495 505
97 33 ext. 1358 / 1315



Media

Natalia Ivanova  Tel: +7 495 505
97 33 ext. 1010 /1014



Citigate Dewe Rogerson Tel: +44 20 7282 2889

Tom Baldock





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 180 000 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 11,000  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



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


AGRBKLFLLFFEFBF -0- Nov/29/2012 10:52 GMT
 
Press spacebar to pause and continue. Press esc to stop.