Mirland Development Corporation, a leading residential and commercial property developer in Russia, announced on Friday that it has entered into a loan agreement with CB Uniastrum Bank, under which the bank will extend a non-revolving credit facility of up to $30 mln.
Mirland Development Corporation, a leading residential and commercial property developer in Russia, announced on Friday that it has entered into a loan agreement with CB Uniastrum Bank, under which the bank will extend a non-revolving credit facility of up to $30 mln.
The first tranche of the loan, amounting to $15 mln, was received on 17 December 2009. The second tranche of $15 mln shall be made available subject to OJSC MAG, a subsidiary of Mirland, meeting target revenues from the MAG project.
The loan is secured by a pledge on MAG's assets in favour of the bank and will be used to fund the ongoing working capital requirements of the company. Mirland said the Loan is repayable in equal and consecutive monthly payments over the next ten years and carries an annualized interest rate of 10.7%.
