LenSpetsSMU pays second tranche under the credit line opened by Alfa-Bank in the international financing deal for "Jubilee Quarter 78A" project

17.07.2013

On 16 July 2013, CJSC SSMO LenSpetsSMU rendered payment, in full and on time, of the second tranche in the amount of EUR 8.4 mn under the credit line opened by Alfa-Bank in a deal involving international financing for the 2nd apartment block of "Jubilee Quarter 78A" project.

CJSC SSMO LenSpetsSMU’s actual debt under the credit line amounted to EUR 33.6 mn. Following payment of the second tranche, LenSpetsSMU’s loan indebtedness under the credit line dropped to EUR 16.7 mn.

In 2010, in order to secure implementation of the project, LenSpetsSMU joined forces with Budostal-3 Export and Alfa-Bank, under the participation of a consortium of German banks and the Polish export credit agency KUKE S.A. to strike Russia’s first deal involving the attraction of import-export financing in the residential construction segment. On 8 August 2012, CJSC SSMO LenSpetsSMU received authorization for commissioning of the property, encompassing total and useable space of 66,601.5 sq m and 52,939.2 sq m, respectively.

CONTACT DETAILS:

Mikhail Dukhovny

CCO +7 (812) 348-21-25

Mikhail.Dukhovny@etalongroup.com

Yana Yashchenko

Deputy CFO

+7 (812) 348-09-95

Yana.Yashchenko@etalongroup.com