Credit Suisse has decided to extend a €132m loan to Snegiri Development, which belongs to Aleksandr Chigirinsky and Roman Abramovich, for 18 months, at an initial interest rate of 12.5%.
The loan was granted in 2008 and should have been repaid by 11 April 2010. In order to obtain it Snegiri had pledged the Rublyovo housing estate project, a hotel in Sochi and the company’s central office in Moscow to the bank as security.
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