Orchid Developments Group Ltd Extended Credit Facility for Orchid Gardens (3277J)
06 Agosto 2012 - 8:00AM
UK Regulatory
TIDMOCH
RNS Number : 3277J
Orchid Developments Group Ltd
06 August 2012
06 August 2012
AIM: OCH
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 a further extension to
its credit agreement ("Revised Facility") with UniCredit Bulbank
JSC (a division of UniCredit Group) relating to its Orchid Gardens
Varna ("Orchid Gardens") development. The Revised Facility (which
updates that announced on 11 April 2012) 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 center. 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 September 2012,
slightly later than originally intended.
Under the terms of the Revised Facility, repayment of the
principal amount of the facility (EUR21.4 million) is to be made in
the following tranches:
1. EUR1.2 million by the end of 2012;
2. EUR2.1 million by March 2013;
3. EUR5.1 million by June 2013;
4. EUR5.7 million by December 2013;
5. EUR5.7 million by June 2014; and
6. EUR1.6 Million, payable in 38 monthly payments starting from July 2014 to August 2017.
Additionally, the following conditions have been revised:
1. The facility loan limit drawdown schedule has been extended
to 30 August 2012 (allowing a maximum of EUR2.4 million to be drawn
before that date).
2. The revolving VAT loan limit (EUR1.2 million) has been
extended until 30 August 2012 with a repayment deadline by 30
December 2012.
3. The accrued interest on the amount of EUR0.3 million, on the
facility loan and the revolving loan, from June to the end of July
2012 has been deferred and is now due by 30 August 2012, which will
be rolled up into the aggregate principal amount due under the
Revised Facility.
4. All other agreed terms announced in 11 April 2012 remain unchanged.
Commenting on the credit facility, Guy Meyohas CEO of Orchid
Developments said:
"Orchid is continuing to market the development whilst focusing
on its completion and fit out. 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
Guy Meyohas +35 92 981 9955
Shore Capital and Corporate Limited
Bidhi Bhoma / Toby Gibbs +44 20 7408 4090
MHP Communications
Reg Hoare / Vicky Watkins +44 20 3128 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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