Refinancing of Loan Facility (709305)
July 31 2018 - 2:01AM
UK Regulatory
Dow Jones received a payment from EQS/DGAP to publish this press
release.
Arricano Real Estate Plc (ARO)
Refinancing of Loan Facility
31-Jul-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
31 July 2018
Arricano Real Estate Plc
("Arricano" or the "Company")
Refinancing of Loan Facility
Arricano (AIM: ARO) announces the refinancing of existing loans from PJSC
Bank 'Saint-Petersburg' ("BSPB") with its wholly owned subsidiary
Livoberezhzhiainvest PJSC ("LBI"), which operates the RayOn Shopping and
Entertainment Center, located in Kyiv, Ukraine.
On 3 April 2013, LBI entered into two term loan agreements with BSPB for an
aggregate amount of USD 25 million. Under the first loan agreement, BSPB
provided to LBI a loan of USD 14 million (the "First Loan Agreement") and
under the second loan agreement BSPB provided to LBI a loan of USD 11
million (the "Second Loan Agreement"), together the "BSPB Loan Agreements".
As at 31 December 2017, the BSPB Loan Agreements had a carrying value of USD
16.1 million at an interest rate of 10.5 per cent.
On 30 July 2018, LBI entered into a loan agreement with TASCOMBANK JSC, VS
Bank PJSC and Universal Bank PJSC (the "TAS Loan Agreement"). The TAS Loan
Agreement was secured under a mortgage charge of the RayOn Shopping and
Entertainment Center property and a pledge of the issued shares of LBI.
The main terms of the TAS Loan Agreement, inter alia, are as follows:
? Amount: USD 15.2 million;
? Term: 60 months;
? Interest rate: 11.25 per cent. from month 1 to month 18 increasing to 13
per cent. from month 19 to month 60;
? Other commercial terms of the TAS Loan Agreement are broadly in line
with the Company's existing loans from other banks; and
? The proceeds of the TAS Loan Agreement to be deployed by LBI to repay
its existing loans from BSPB under the BSPB Loan Agreements.
Mykhailo Merkulov, CEO of Arricano, said: "The management of Arricano are
pleased with the refinancing of the existing BSPB Loans. We are pleased to
be partnering with TASCOMBANK JSC as the lead syndicate bank, which is one
of the leading financial institutions in Ukraine."
This is an exciting period for Arricano, helped by an improvement in the
Ukrainian economy with GDP in 2018 forecast to increase by 3.5% reversing a
negative trend in previous years."
This announcement is inside information for the purposes of Article 7 of EU
Regulation 596/2014.
For further information, please contact:
Arricano Real Estate plc Tel: +380 44 569 6708
Mykhailo Merkulov
Nominated Adviser and Broker Tel: +44 (0)20 7131
4000
Smith & Williamson Corporate Finance
Limited
Azhic Basirov
Financial PR Tel: +44(0)20 3151
7008
Novella
Tim Robertson/Toby Andrews
ISIN: CY0102941610
Category Code: MSCH
TIDM: ARO
LEI Code: 213800F8AMPULEKXFX22
OAM Categories: 2.2. Inside information
Sequence No.: 5814
EQS News ID: 709305
End of Announcement EQS News Service
(END) Dow Jones Newswires
July 31, 2018 02:01 ET (06:01 GMT)
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