19th Nov 2009 12:16
RAVEN RUSSIA LIMITED (the "Company")
Drawdown of Additional Debt Facilities
Raven Russia, the Guernsey registered, AIM listed property investment company, announces the draw down of $50 million of additional debt facilities from Aareal Bank AG and the International Finance Corporation (IFC).
As previously announced, the Group successfully negotiated an increase of $30 million on a facility with Aareal Bank AG, secured on its Istra warehouse project. It has now drawn $20 million of this additional facility, increasing the total draw to $109 million with a remaining 4 year term and a margin of 5.5% over US Libor. Libor has been fixed at 2.5% over the term of the loan.
The Istra warehouse complex comprises 182,000 square metres and is 83% let.
Further to the announcement of 5 October 2009, the Group has also drawn $30 million of a $40 million facility with IFC, secured on its Rostov warehouse project. The project is the first grade A warehouse to be constructed in the city of Rostov-on-Don in south west Russia. It comprises 100,000 square metres of which 58% is leased. The IFC facility has a term of 9 years at an overall margin of 8.3% above US Libor, once fully drawn. This is IFC's third facility with the Group.
The Group now has total senior debt of $481 million at a cost of 7.0% to the Group.
Enquiries
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Raven Russia Limited |
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Anton Bilton / Glyn Hirsch |
Tel: +44 (0)1481 712955 |
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Bell Pottinger Corporate & Financial |
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Charles Cook / Dan de Belder |
Tel: +44 (0)20 7861 3232 |
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Numis Securities Limited |
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Nick Westlake (NOMAD) / Rupert Krefting |
Tel: +44 (0)20 7260 1000 |
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