Loans.Cbonds : XXIC: US$60m Credit Facility Agreed

02.06.2008 - Cbonds

XXIC: US$60m Credit Facility Agreed

XXI Century, one of Ukraine's leading real estate investment, development and property management companies, announces the following update on its financing activities in Ukraine.

The Company has arranged a 3-year credit facility of US$60 million at an interest rate of LIBOR + 5.5% with Eurobank EFG Cyprus. XXI Century intends to use this loan to repay a portion of its existing indebtedness and to finance the Company's project portfolio.

“This credit facility is a benchmark for XXI Century, being the cheapest project financing arrangement we have ever made. We are pleased that we were able to obtain the loan on such lucrative terms, especially given the present volatility in global financial markets. We intend to continue to capitalise on our good corporate standing in Ukraine to ensure that our portfolio is financed timely and cost-effectively”, said Lev Partskhaladze, Chairman of the Board of XXI Century.

Issuer profile: XXI Century Investments is Ukraine’s real estate investment, development and property management company. We are public real estate company listed on the AIM of London Stock Exchange. Our real estate business was started in Kyiv in 1999, and since then it has expanded significantly. Today we operate the portfolio of diversified real estate assets in Ukraine comprising: the chain of shopping centers under “Kvadrat” brand name, high-end residential complexes, projects of offices, hotels, warehousing and logistics centers. An expert in the real estate market, XXI Century is an innovative organization, applying its solid local experience and cutting-edge Western technologies to create new brands and new trends in the real estate business in Ukraine.

Outstanding issues:
2 issue(s) outstanding worth USD 325 000 000