PIK Group (PIK) - Update on Sberbank Credit Facilities
RNS Number : 3157S
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
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
Viktor Szalkay Tel: +7 495 505
97 33 ext. 1358 / 1315
Natalia Ivanova Tel: +7 495 505
97 33 ext. 1010 /1014
Citigate Dewe Rogerson Tel: +44 20 7282 2889
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
AGRBKLFLLFFEFBF -0- Nov/29/2012 10:52 GMT
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