Arricano Real Estate Plc: Refinancing of Loan Facility (847167)

 
 Arricano Real Estate Plc (ARO) 
Arricano Real Estate Plc: Refinancing of Loan Facility 
 
26-Jul-2019 / 07:00 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 7.125 
 million to be advanced following satisfaction of conditions precedent and a 
second and following tranches of total amount up to USD 11.875 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: [phone] 
 
Mykhailo Merkulov 
 
Nominated Adviser and Broker:  Tel: [phone] 
 
WH Ireland Limited 
 
Chris Fielding 
 
Financial PR:                  Tel: [phone] 
 
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.:   14693 
EQS News ID:    847167 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

July 26, 2019 02:00 ET (06:00 GMT)