EBP East Balkan

 

TIDMEBP 
 
RNS Number : 0784M 
Equest Balkan Properties PLC 
17 May 2010 
 
Equest Balkan Properties PLC 
("the Company") 
 
Euro 63.6 Million Debt Restructuring Completed 
 
17 May 2010 
 
The Board of Equest Balkan Properties PLC announces that the Romanian 
subsidiaries Vitantis SRL and Rivium Galleria Mall SRL, owners of Vitantis 
retail centre in Bucharest and Moldova Mall in Iasi, have now completed two 
mortgage debt restructurings totalling Euro 63.6 million with Unicredit Bank 
Austria and Unicredit Tiriac Bank.   Vitantis SRL has received funding of Euro 
5.1 million to cancel the interest rate swap obligations of both Vitantis SRL 
and Rivium Galleria Mall SRL and to refinance interest accruals at Rivium 
Galleria Mall SRL. 
 
The change to floating interest rate borrowing will reduce the annual interest 
costs by approximately 40% per annum while Euribor rates remain at current 
levels.  As agreed with the banks, the surplus cash flow after debt service will 
be allocated 50% to amortization, 25% to capital expenditures and 25% to 
shareholders.  The financial covenants have been relaxed and a term extensions 
until 31 December 2012 have been achieved. 
 
As a result of the restructuring, both debt facilities return to performing loan 
status. 
 
 
For further information please contact: 
 
+------------------------------------+------------------------------+ 
| IOMA Fund and Investment           |                              | 
| Management Limited                 |                              | 
| Philip Scales                      | Tel: + 44 (0)1624 681250     | 
|                                    |                              | 
+------------------------------------+------------------------------+ 
|                                    |                              | 
+------------------------------------+------------------------------+ 
| Arbuthnot Securities Limited       |                              | 
| Alastair Moreton                   |                              | 
| Hannah Pearce                      | Tel: +44 (0)20 7012 2000     | 
|                                    |                              | 
+------------------------------------+------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBLGDULDBBGGR 
 

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