OPIN Announces Signing of Loan Agreement with Bank Saint-Petersburg
OREANDA-NEWS. June 27, 2012. Joint Stock Company “Open Investments” (JSC “OPIN” or the “Company”) (BLOOMBERG: MICEX - OPIN.RM), one of the leading real estate developers in Russia, today announces signing of a loan agreement with OJSC Bank Saint-Petersburg in the total amount of RUR 1.2 billion for a total term ending June 2017. Annual interest rate on the credit facility is 13% in Russian rubles.
The funds are planned to be used to refinance loans existing loans from VTB Deutschland AG and ZAO Raiffesenbank.
The facility is collateralised by a number of land plots in ownership of the Company.