Conclusion of loan agreement
Posted on 31.08.2015
On 31.08.2015 Kesklinna Hotelli OÜ, the 100% subsidiary of Olympic Entertainment Group AS, and Swedbank AS concluded a loan agreement with the loan limit of EUR 25,000,000. Loan will be used for financing construction of the Hilton Tallinn Park hotel. The borrower is entitled to take the loan into use until 31 August 2016.
The final repayment date of the loan is 31 August 2018. The borrower is entitled to extend the loan repayment term for 2 or 3 years whereas upon using such right other terms of the agreement remain the same. The annual interest rate of the loan is 6 months Euribor + 0.8%.
The loan is secured by mortgage over right of superficies located at F.R. Kreutzwaldi 23, Tallinn and by guarantee from Olympic Entertainment Group AS.