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MirLand subs given USD 50 mln Sberbank loan

Eurobuild CEE 13 September 2012
RUSSIA MirLand has announced that it has secured a new non-revolving USD 50 mln refinancing loan agreement with SberBank of Russia for two of its Moscow office investment assets.
Open joint stock company Machine-Building & Hydraulics and limited liability company Hydromashservice, both wholly owned MirLand subsidiaries have entered into the loan agreement for a seven year term, which will refinance the subsidiaries’ existing debts of USD 24 mln and additional funds will be used as working capital. The loan is to be re-paid quarterly at a rate of 9.5 pct with a final balloon payment of 50 pct at the end of the term.

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