AFI Announces Change in VTB Facility Structure
OREANDA-NEWS. July 28, 2010. AFI Development announced yesterday that VTB granted it a credit facility extension. The repayment term has been extended by two years to August 2013, and the interest rate has been reduced from 16% to 13.25% (in ruble terms), reported the press-centre of OTKRITIE Financial Corporation.
View: As of June 2010, approximately USD200m has been drawn. The extension of the loan will have a positive impact on cash flow and will allow the company to meet its ongoing expenses. We expected some decrease in the facility interest rate as the Mall of Russia moves towards completion.
Valuation and Action: The stock currently trades at a P/NAV of 0.5x, while EM peers trade at 0.94x.
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