26th Jan 2015 09:01
LONDON (Alliance News) - AFI Development PLC Monday said its Krown Investments LLC business has signed an extension and amendment to the loan facility it holds with Russia's VTB Bank OJSC.
Krown has extended the term of the loan to January 26, 2018, AFI said. In addition to the extension, the new addendum also amends the payment schedule and interest rates conditions of the loan.
The payment schedule anticipates repayments of the principal starting from the fourth quarter of 2015, while the new covenants include a debt service coverage ratio of 1.2 applicable from the fourth quarter and a Loan to Value ratio of 65%.
Under the addendum, AFI added, in the coming days Krown will pay USD10 million to VTB in partial repayment of the outstanding loan amount. That will reduce the total owed under the loan to USD195 million.
Shares in AFI were untraded on Monday, having last traded at 0.340 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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