28th Sep 2016 09:41
LONDON (Alliance News) - Mirland Development Corp PLC on Wednesday said the repayment date for the majority of its USD40.0 million loan from VTB Bank has been postponed to 2021.
The Russian residential and commercial property developer said the postponement was part of amended terms for the loan, after signing an agreement with VTB Bank on Monday.
Under the new terms, Mirland said the loan which was established in dollar currency will be converted fully to a loan of local currency, being the ruble. The repayment of 97% of the loan has been postponed to the third quarter of 2021, while 2.0% shall be paid in two installments in the first and second quarters of 2021. The remaining 1.0% will be paid in quarterly installments until the end of 2020, Mirland said.
The interest rate of the loan will not exceed 18.75% per annum, Mirland said, with interest to be paid on a monthly basis.
Shares in Mirland were untraded on Wednesday, having last traded at 12.75 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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