7th May 2014 11:14
LONDON (Alliance News) - MirLand Development Corporation PLC said Wednesday it has entered into a new non-revolving USD26 million refinancing loan agreement with Nordea Bank against Century, its 11,000 square metre office development investment asset in Moscow.
The Russian residential and commercial property developer said it has concluded the agreement for the loan and that its 51%-owned subsidiary Avtoprioritet, has entered into the financing deal for a five-year term.
The loan is secured by various mortgages, charges, pledges and other customary security interests for the benefit of Nordea Bank and entered into by MirLand and Avtoprioritet.
MirLand said the loan will be repaid within five years through regular quarterly payments and a final balloon payment of 73% at the end of the term.
Shares in MirLand were trading last traded at 226.75 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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