PIK Group agrees a RUB 23.4 billion (approx. €496 million) refinancing deal with VTB Capital (RS)

PIK Group , one of Russia’s leading residential real estate developers, announces that it has signed a loan agreement with VTB Capital plc to receive a one year (360 days) loan of RUB 23.4 billion (approx. €496 million) with a subsequent extension option of 5 years. The proceeds will be used to refinance the loan from Sberbank, which expires in September 2014 and the loan with NOMOS-BANK, as well as to finance current working capital needs.
Source: PIK Group