MIRAX GROUP Paid Off Its Credit of USD 50mln with OJSC Promsvyazbank
OREANDA-NEWS On 23 October was announced, that MIRAX GROUP paid off its credit of USD 50 million with OJSC Promsvyazbank.
The payment was made on schedule as stipulated in the contract. The credit was repaid out of MIRAX GROUP’s free cash position. Thus, as of today, the Corporation’s credit obligations maturing until the end of this year equal USD 50 million. The payment of the remaining credits will be effected before the end of December 2008, in accordance with MIRAX’s schedule of credit obligations performance.
“According to US GAAP financial reports of the Corporation, the ratio of Debt/EBITDA for MIRAX GROUP is currently a little over 1. It is the lowest ratio of all the Russian developer companies among the top 10 market players. Taking into account the payment of credit obligations and the company’s conservative financial policy, the ratio is going to decrease. This allows us to avoid refinancing our credit obligations in the current market situation and feel stable during the liquidity crisis in the Russian and international financial market”, said Dmitry Lutsenko, member of MIRAX GROUP's Board of Directors.