LenSpetsSMU pays first tranche and sets fixed rate under of its Import Documentary Credit to Bank Saint Petersburg to Finance the Third Stage of the Orbita Housing Estate


On May 27th, 2013, CJSC SSMO LenSpetsSMU paid its first installment in full and on time, to the amount of 5.4m EUR under an import documentary credit opened with Bank Saint Petersburg in an international transaction to finance the third stage of the Orbita Housing Estate.

To implement the project, in 2011 LenSpetsSMU and Bank Saint Petersburg, along with participation of the German bank LandesbankBerlin AG, and the Polish construction company Budostal-3 Export Sp. Z o.o., made a transaction securing international construction financing. Insurance coverage for the transaction was provided by the Polish credit agency KUKE S.A. On November 26th, 2012, LenSpetsSMU attained a license to put the site, with a total area 45,036.5 sq. m, into operation.

The total size of the documentary credit, opened with Bank Saint Petersburg to finance the transaction, reached 22,6 mn EUR, along with this real indebtedness CJSC SSMO LenSpetsSMU totaled 21.5m EUR. Loan repayment is performed by four semi-annual tranches from May 2013 till November 2014. After the first installment was paid on May 27th, 2013 the credit granted under the agreement decreased to 16.1mn EUR. Coincidently for the purpose of financial risks minimization, CJSC SSMO LenSpetsSMU reached an agreement with Bank Saint Petersburg and the German bank Landesbank Berlin AG about a transition floating rate to fixed.


Mikhail Dukhovny

CCO +7 (812) 348-21-25


Yana Yashchenko

Deputy CFO

+7 (812) 348-09-95