OREANDA-NEWS. April 09, 2012. PIK Group, a leading Russian real estate developer, announces that its Board of Directors approved certain amendments to its Sberbank credit facilities.

As of early March 2012, the Group’s total debt outstanding amounted to RUB45.1bn (equivalent to approx. USD 1.5bn), of which Sberbank debt exposure onto PIK amounted to RUB28.6bn (equivalent to about 60% of the total debt).

According to the initial debt repayment schedule under Sberbank credit facilities, RUB10.4bn was due for debt repayment during 2012 by equal quarterly installments.

Given recent arrangements between the counterparties, Sberbank has agreed to amend the repayment schedule reducing amounts due in 2012 down to RUB1.8bn. The difference of RUB8.6bn is proportionally extended to 2013-2014 periods.

Interest rate remains unchanged together with underlying collateral base, which is constituted of the Group’s assets and the government guarantees issued by the Ministry of Finance of the Russian Federation.

In addition to the above, financial covenants under the above credit facilities are revisited by the bank as well to accommodate the Group needs.