Issuers News

Sistema-Hals, the largest diversified company in the Russian and CIS real estate market, announced that its Board of Directors has approved a deal to complete a credit agreement with VTB Bank, reported the press-centre of Sistema.

Under the terms of the deal VTB will provide Sistema-Hals with financing of up to U$500 million for a period of five years. These credit resources will be used to refinance bridging loans which were obtained before Sistema-Hals' IPO from Deutsche Bank, UBS and Nomura International, as well as to finance the company's current investment programme. The effective interest rate, inclusive of all commission, is 8,5% APR.