KDD Group’s Credit Line Extends to USD 102 mln for Sky Towers Project

According to Thomson Financial, KDD Group N.V (KDDG LN: N/R) said it has got an extension of its credit line to a total of USD 102 million, from its existing facility of USD 40 million, from Ukreximbank. These proceeds will be used to finish the company’s Sky Towers project. KDD Group said a further extension will be considered in May 2012. Alexander Romanov: The news is positive for the stock as the company is well on track to complete its debt financing plan for this year. Previously, the company announced the budget for this year to be USD 600 mln, which will require up to USD 250 mln to be covered by debt financing. Another USD 150 mln will be financed by recent placement proceeds. Another USD ~200 mln may be covered from presales of residential projects (Pechersk, Zazimye, Diplomat-Park).