Arricano Real Estate Plc secures reduction in interest rates on two of its loans

  • Dec 30, 2019 GMT
  • Team Kalkine
  Arricano Real Estate Plc (LON: ARO) has given an update of the amendment to two of its loan agreements. The company on 26 December 2019 secured reduction in interest rates on these loan agreements.
  • The US$20.0 million loan agreement with Tascombank JSC and Universal Bank PJSC has witnessed an interest rate reduction from 13.00 per cent to 11.25 per cent per annum. All other terms remain as announced on 14 June 2019 for the loan which is repayable on 30 July 2023.
  • The interest rate of the US$12.0 million loan agreement with Tascombank JSC has been reduced to 10.75 per cent from 12.00 per cent per annum, all other terms remain as announced on 28 June 2019 for the loan which is repayable on 27 June 2024.
  • On 30th December 2019, at the time of writing, GMT 08:05 AM, ARO shares were trading at USD 0.45, unchanged against the previous day closing price.

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