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PIK Prolongs $518 Million Debt Payments for One Year

Nov. 29 (Bloomberg) -- PIK Group, a Russian residential developer, rescheduled a 16 billion-ruble ($518 million) loan payment to Sberbank for one year, PIK said in a statement.

Following the rescheduling, the company will make payments of 300 million rubles and 1.4 billion rubles in the fourth quarter, down from 700 million rubles and 15.3 billion rubles respectively. It will pay the same combination of payments for all of next year and the remaining 14.3 billion rubles in 2014. The interest rates on the payments will remain unchanged, the company said without details.

PIK’s total outstanding debt was 44.3 billion rubles ($1.4 billion) as of Nov. 28, of which Sberbank, the biggest nation’s lender, exposure onto PIK was 27.5 billion rubles.

To contact the reporter on this story: Anatoly Temkin in St. Petersburg at atemkin@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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