LenSpetsSMU pays first tranche under the credit line in EUR opened by Alfa-Bank in the international financing deal for the construction of two blocks of the residential complex “Swallow’s Nest”

30.05.2014

On May 29th, 2014, CJSC SSMO LenSpetsSMU paid first tranche to the amount of 10.1 mn EUR in full and on time under the credit line in EUR opened by Alfa-Bank in the international financing deal for the construction of two blocks of the residential complex “Swallow’s Nest”.

In 2012, in order to secure implementation of the project, CJSC SSMO LenSpetsSMU and Alfa-Bank have partnered with German bank Landesbank Berlin AG and Budostal-3 Export, a Polish construction company, to effect their second international financing agreement for the construction of two blocks of the residential complex “Swallow’s Nest”. Insurance coverage is provided by an export credit agency, KUKE S.A. (Poland). In December 2013, LenSpetsSMU attained a license to put the site, with a total area 82.7 thousand sq. m, into operation.

Actual debt of the CJSC SSMO "LenSpetsSMU" credit line amounted to 40.5 mn EUR after the payment of the first tranche of the loan has been reduced to 30.4 mn EUR.

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