Arricano Real Estate Plc (ARO)
Arricano Real Estate Plc: Refinancing of Loan Facility
26-Jul-2019 / 12:15 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
26 July 2019
Arricano Real Estate Plc
("Arricano" or the "Company")
Refinancing of Loan Facility
Arricano (AIM: ARO) announces that its wholly owned subsidiary Comfort
Market Luks LLC ("CML"), which operates the Prospekt Shopping and
Entertainment Complex, located in Kyiv, Ukraine ("SEC"), entered into a new
loan agreement with Public Joint Stock Company "State Savings Bank of
Ukraine" ("Oschadbank") (the "Oschadbank Loan Agreement") on 25 July 2019.
The Oschadbank Loan Agreement is secured by way of a mortgage charge over
the Prospekt Shopping and Entertainment Complex property and a pledge of the
shares of CML and other securities provided by CML and Arricano.
The main terms of the Oschadbank Loan Agreement are as follows:
* Loan Amount: up to USD 19 million, comprising a first tranche of USD 6.808
million to be advanced following satisfaction of conditions precedent and a
second and following tranches of total amount up to USD 12. 192 million to
be advanced at the Bank's discretion following satisfaction of conditions
precedent;
* Term: 60 months for the first tranche and 84 months for the second
tranche;
* Interest rate: 10.5 % per annum;
* The proceeds of the Oschadbank Loan Agreement shall be used as to USD
7.125 million to refinance an existing 1m Libor+7,5% loan to CML from the
European Bank for Reconstruction and Development and up to USD 11.875
million to finance ongoing construction of the Lukianivka Shopping and
Entertainment Center, Kyiv.
A further announcement will be issued when the second and further tranche(s)
are advanced.
Mykhailo Merkulov, CEO of Arricano, said: "Arricano is proud to have stable
and reliable business relations with both the State Savings Bank of Ukraine
and the European Bank for Reconstruction and Development. While the real
estate market in Ukraine demonstrates currently its support for new shopping
and entertainment centres, we continue the development of the Lukyanivka
mall, with trust and support from significant national and European
financial institutions".
For further information, please contact:
Arricano Real Estate plc Tel: +38 044 594 9471
Mykhailo Merkulov
Nominated Adviser and Broker: Tel: +44 (0)20 7220 1666
WH Ireland Limited
Chris Fielding
Financial PR: Tel: +44 (0)20 3151 7008
Novella Communications Limited
Tim Robertson/Toby Andrews
ISIN: CY0102941610
Category Code: MSCM
TIDM: ARO
LEI Code: 213800F8AMPULEKXFX22
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 14814
EQS News ID: 847507
End of Announcement EQS News Service
(END) Dow Jones Newswires
July 26, 2019 07:15 ET (11:15 GMT)
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