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| AFI Development extends Mall of Russia credit facility AFI Development PLC, a leading real estate company focused on developing property in Russia and the CIS, announces that it has reached an agreement with VTB Bank on the extension of the Mall of Russia credit facility agreement between the Company and VTB Bank dated 28 August 2008 and on the improvement of its terms. The Company has entered into an addendum to the Credit Facility, under which the repayment term has been extended by two years to August 2013 and the interest rate has been lowered from 16% to 13.25% per annum in Rouble terms. The facility, for the total amount of RUB 8,448 million, has been used to finance the construction of the Company's Mall of Russia project. As at 30 June 2010, a total of RUB 6,378 million has been drawn down under the Credit Facility. write your comments about the article :: © 2010 Construction News :: home page |