Extended Credit Facility Secured for Orchid Garden (0753B)
11 4월 2012 - 3:00PM
UK Regulatory
TIDMOCH
RNS Number : 0753B
Orchid Developments Group Ltd
11 April 2012
AIM: OCH 11 April 2012
Orchid Developments Group Limited ('Orchid' or the 'Group')
Extended Credit Facility Secured for Orchid Gardens Varna
Orchid, the Bulgarian focused property developer and investor,
is pleased to announce that it has secured an extension to its
credit agreement ("Revised Facility") with UniCredit Bulbank JSC (a
division of UniCredit Group) relating to Orchid Gardens Varna
("Orchid Gardens"). The Revised Facility extends the facility term,
including the repayment dates, with the facility amount and
interest rate remaining unchanged.
Orchid Gardens is a high-end mixed-use development situated on a
prime location in Varna city centre. The 16 floor development
consists of 107 apartments, 88 office units and 48 retail units,
all with access to underground parking. Orchid Gardens is in its
final stage of completion, which is scheduled for June 2012,
slightly later than originally intended.
Under the terms of the Revised Facility, repayment of the
principal amount of the facility is to be made in the following
tranches:
1. EUR3.4 million by the end of 2012;
2. EUR10.8 million by September 2013;
3. EUR5.7 million by March 2014; and
4. EUR1.5 million by April 2016.
Additionally the following conditions have been revised. The
bank has:
1. agreed to accrue the current interest due of EUR0.3 million
until 31 May 2012, which will be rolled up into the aggregate
principal amount due under the Revised Facility; and
2. requested additional collateral being provided to a value of
EUR2.8 million, by no later than 30 April 2012, in the form of a
second mortgage on the following assets:
-- the apartments for sale in Orchid Seaside apartments stage 3
(approximately 55 apartments); and
-- the land for stage II of the Orchid Seaside project.
Commenting on the credit facility, Guy Meyohas CEO of Orchid
Developments said:
"This revised credit facility will enable Orchid to market the
development for an extended period which is helpful in the current
economic climate. Orchid Gardens has already received a healthy
level of interest, having secured preliminary agreements on a
proportion of the residential and office space."
Ends
Contacts:
Orchid Developments +35 92 981
Guy Meyohas 9955
Shore Capital and Corporate Limited +44 20 7408
Bidhi Bhoma / Toby Gibbs 4090
MHP Communications +44 20 3128
Reg Hoare / Tim McCall / Vicky Watkins 8100
Notes to Editors:
Orchid Developments Group Ltd (OCH.L), which listed on the AIM
market in July 2005, was established with the aim of generating
value for shareholders by investing in real estate and leisure
business opportunities initially in Bulgaria.
The company is active in all principal sub-sectors of the
Bulgarian real estate and leisure markets and currently holds three
residential and six commercial property developments in Sofia and
Varna. Its principal investment is the Grand Mall in Varna, a
leading shopping mall in Bulgaria.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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