KDD Group to expand Sky Towers credit line to UAH 2 bln

KDD Group (LSE: KDDG LN) said yesterday in a statement that Ukreximbank’s internal credit committee gave preliminary approval to extending the developer’s existing credit facility for its Sky Towers project from UAH 1.28 bln to UAH 2.00 bln. The extension is contingent on KDD and Ukreximbank agreeing on collateral, KDD arranging funding for the remainder of Sky Towers and the hotel management company for Sky Towers banking with Ukreximbank. KDD Group said it has drawn USD ~70 mln from the facility and that it expects to extend the maturity date from May 25, 2012 to May 25, 2014.