Setl Group Repays VTB Bank’s Loan Ahead of Schedule
December 19, 2012
Setl City (a company of the Setl Group holding) has repaid ahead of schedule its debt under VTB Bank’s line of credit opened in August 2011 in the framework of the project funding for the first stage of the More project. The loan of 2.1 billion roubles has been completely repaid more than a year and a half ahead of the fixed date.
The early repayment of the loan by Setl City has become possible thanks to the steady high sales rates and the co-investment contracts that were made on the basis of payment by installments. About 75% of the spaces have been sold in the first stage of the More project which is under construction in Krasnoselsky District of St. Petersburg.