RNS Number : 3720H
KDD Group NV
19 February 2010
19 February 2010
KDD Group N.V.
("KDD Group" or the "Group")
Restructuring and Refinancing of Existing Debt Facilities
KDD Group (AIM: KDDG), the holding company of one of Ukraine's leading real estate investment and development groups, today announces that it has agreed new terms for its existing debt facilities (the "Facilities") with Ukrsotsbank (the "Bank"). The Facilities and accrued interest totalled Hrv 86.2 million (US$10.8 million) as at 20 January 2010.
Under the new agreement, the Group has repaid Hrv 21.8 million (US$2.7 million) of the Facilities and the maturity of the remainder of the Facilities has been extended with payments due as follows:
· 28 October 2011: Hrv 30.3 million (US$3.8 million)
· 28 April 2012: Hrv 34.1 million (US$4.3 million)
The current facility is 100 per cent. denominated in Ukrainian Hryvnia.
The Facilities have been used by KDD Group to finance construction work at the Group's PecherSky residential project ("PecherSky"). The Facilities were frozen by the Bank, under the terms of the Facilities, in late 2008, as a result, inter alia, of the worldwide liquidity crunch. As a result, the Group suspended construction work at PecherSky, in order to conserve the Group's cash and working capital.
KDD Group is currently negotiating alternative sources of financing in order to restart construction works at PecherSky as soon as practicable and a further announcement will be made in due course.
For further information, please visit: http://www.kddgroup.com.ua/ or contact:
Tel: +38 050 516 6091
Strand Hanson Limited
Stuart Faulkner / James Spinney
Tel: +44 207409 3494
Notes to editors:
KDD Group is the holding company of one of Ukraine's leading real estate investment and development groups. The Company holds a diversified portfolio of real estate projects comprising offices, residential complexes, retail centres and mixed-use projects. The Company currently has nine projects, of which three are in the construction phase and six are at various stages of design and development. These projects, which have a total planned gross area of approximately 2.7 million square metres, are located in the capital region of Kyiv with the exception of one residential project in L'viv.
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