30th Jan 2008 07:01
Raven Russia Limited30 January 2008 30 January 2008 RAVEN RUSSIA LIMITED ("Raven Russia" or "the Company") Refinancing Complete Raven Russia (AIM: RUS), the Guernsey registered AIM listed property investmentgroup, focussed on warehouses in Russia, announces it has successfully drawndown USD179 million of external bank finance in relation to its four, incomeproducing investment properties, drawing on the facilities announced inSeptember 2007. The five year term investment debt has been financed by two international banks,secured on the Moscow logistics complexes, Baltia, Southern, and Krekshino; andthe St Petersburg office, Constanta. The current weighted average cost of debtto the Group is 6.60% with a blended loan to cost ratio of 82.5%. The Companywill update the market on the blended loan to value ratio at the time of thepreliminary results. As part of the refinancing strategy, the Group hedges its interest rate exposureto USLIBOR, with USD41.3 million of the debt drawn capped for 5 years at a ceiling of 5.50% plus margin and USD137.7 million fixed for 5 years with interest rate swaps at a weighted average rate of 3.92% plus margin. The blendedyield on cost to the Company for the four properties is 13%. Raven Russia will be announcing its annual results for the twelve months ended31 December 2007 on 10 March 2008. Richard Jewson, Chairman of Raven Russia said: "We have achieved our targeted,unleveraged yields on cost for these four properties and the drawdown of USD179million of external debt not only enhances those returns, but also enables us tore-invest into our extensive development program." Anton Bilton, Chairman of the Property Adviser said: "Tenant demand remains highand even in the current environment, we are confident of being able to draw onconstruction finance facilities currently being finalised, over the next sixmonths." Enquiries: Numis Securities LimitedBruce GarrowNick Westlake Tel: +44 (0) 207 260 1000 Tavistock Communications:Jeremy CareyRachel Drysdale Tel: +44 (0) 207 920 3150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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