20th Mar 2014 18:08
LONDON (Alliance News) - Mirland Development Corporation PLC Thursday said it has signed a loan deal with the Bank of Moscow, whereby the bank will provide credit to its subsidiary, Global 1 LLC, of up to USD49 million to refinance its Vernissage Mall project.
The Vernissage Mall is a shopping centre in Yaroslavl, 250 kilometres north-east of Moscow.
Global 1 LLC is held indirectly by Mirland through Inverton Enterprises Limited, a company in which Mirland currently holds 50.5%.
The loan will be primarily used to repay an outstanding loan in the amount of approximately USD22 million from Gazprom Bank, provided to Global 1 LLC in the past, and for the purpose of completing the purchase of the remaining shares of Inverton.
Miland said the Loan is for a period of seven years, after which it will be possible to extend the loan period by up to three additional years.
The loan principal is to be paid in quarterly installments, with the last repayment representing 49% of the loan balance.
Mirland said in order to guarantee the repayment of the loan, Inverton and Global provided the bank with a pledge on leasable space of approximately 34,000 square metres in the project and a pledge on land lease agreements of the pledged building.
The stock closed at 220.00 pence Thursday, up 5.00 pence or 2.3%.
By Anthony Tshibangu; [email protected];
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