LenSpecSMU Pays the Third Installment of its Import Documentary Credit to Bank Saint Petersburg in an International Transaction to Finance the Third Stage of the Orbita Housing Estate

27.05.2014

On May 26th, 2014, CJSC SSMO LenSpetsSMU paid its third installment in full and on time, to the amount of 5.3 mn 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. The credit granted to LenSpecSMU under the agreement is equal to 10.7 mn EUR, which after the third installment was paid, has been reduced to 5.4 mn EUR.

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.

CONTACT DETAILS:

Elena Kazakova

Head of Public Relations

+7 (812) 348-21-25

Elena.Kazakova@etalongroup.com

Yana Yashchenko

Deputy CFO

+7 (812) 348-09-95

Yana.Yashchenko@etalongroup.com