AFI Development Plc announced that it has reached an agreement to restructure its loan agreements with VTB Bank PJSC in relation to the AFIMALL City project and the Ozerkovskaya III project. It has been agreed that the company subsidiary Bellgate Constructions Limited signs a new loan facility agreement, which will be used to refinance the existing Bellgate loan from VTB and to repay its loan from AFI Development. Bellgate will receive the New Loan in five tranches, in Euros and in Russian Roubles. The blended interest rate on the New Loan is circa 5.6%. The interest and the principal of the New Loan are to be paid quarterly, while the term of the loan is 5 years. After drawdown of all the tranches, Bellgate will have loan obligations in Russian Roubles of a maximum amount of RUR 9.6 billion and in Euros in the equivalent of USD 360 million. AFI Development plans to use the funds received by Bellgate to repay the remainder of Ozerkovskaya III loan. Taking into account partial repayment of this loan from proceeds received from disposal of two buildings at Ozerkovskaya III in December 2017, the Ozerkovskaya III loan at VTB will be fully repaid.