Black Sea Property AS – The EUR 2,0 million Penchev 2 loan extended with 12 months
Reference is made to the 2025 annual report published on May 29, 2026, informing inter alia on the consolidated debt structure of the group and the due dates for the respective existing loans.
Black Sea Property AS has now signed an annex with the lender under the Penchev 2 loan, whereby the maturity of the loan is extended from September 1, 2026, until August 31, 2027, ie. for 12 months. The interest of the loan will increase from 15 pct. to 20 pct.
The current amount drawn of the loan is EUR 1,125,000 excluding accrued interest, and it is envisaged that the remaining two tranches totaling EUR 875,000 will be drawn within September 30, 2026. The loan of EUR 2,000,000 will then be fully utilized.
As previously announced, the Company is working towards refinancing of the other debt of the group. Please refer to earlier stock exchange announcements for further details. The result of these refinancing processes will be announced in due course.
For further information, please contact:
Egil Melkevik, Chairman Tel: +47 90 77 09 76 E-mail: em@ms-solutions.no
About Black Sea Property AS: Black Sea Property AS is a real estate company with holdings in a real estate project on the Black Sea coast called Sunrise River Beach Resort. Sunrise River Beach Resort is a partially completed project and will upon completion comprise approximately 950 apartments as well as significant commercial space. Black Sea Property AS has indirect ownership to the project and will work to finalize Sunrise River Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17. This stock exchange announcement was published by Egil Melkevik, Chairman, at the time and date provided.