Update on Sberbank Credit Facilities - новости ПИК от 29 ноября 2012
Назад к списку новостей
29 ноября 2012

Update on Sberbank Credit Facilities

Extension of Repayment schedule to 2014

London, November 29, 2012: PIK Group (“PIK” or “the Group”), one of Russia’s leading residential real estate developers, today announces that it has reached agreement with Sberbank, the Group’s largest creditor, to extend its existing debt repayment schedule.

The same time, there were no change in interest rates under the above credit facilities.

As of 30 June 2012, PIK Group outstanding debt amounted to RUB47.3bn of which RUB1.5bn represented accrued interest payable. In the second half of 2012, PIK continued servicing its debt in due course and managed to cut RUB1.5bn of excess debt.  In 3Q12 alone PIK repaid RUB0.7bn to Sberbank.

Consequently, as of 28 November 2012, PIK Group’s total outstanding debt amounted to approx. RUB44.3bn (equivalent to approx. US$1.4bn), of which Sberbank exposure onto PIK was RUB27.5bn.

In line with initial debt repayment schedule under credit facilities with Sberbank, RUB0.7bn and RUB15.3bn was due for debt repayment during 4Q12 and 2013 by equal quarterly installments.

Given recent arrangements between the counterparties, Sberbank has agreed to amend the repayment schedule reducing amounts due in 4Q12 and in 2013 down to RUB0.3bn and RUB1.4bn accordingly. The difference of RUB14.3bn is extended into 2014.