News Column

Execution of Related Party Transaction

August 17, 2014



Press-release Krasnodar August 18, 2014 OJSC "Magnit" Announces the Execution of the Related Party Transaction Krasnodar, August 18, 2014: OJSC "Magnit", Russia's largest food retailer (the "Company", the "Issuer"; MICEX and LSE: MGNT), announces the execution of the transaction on August 15, 2014. The essentials of the transaction are as follows: Type of transaction: Major related party transaction Subject of Provision by the Issuer of the guarantee underthe A transaction: greement ?29-15/1/496 on the opening of the revolving credit lineas of August15, 2014, executed between JSC "Tander" and Open joint-stock company "Sberbank of Russia" (OJSC "Sberbank of Russia") Content of the In accordance with the guarantee agreement ?29-15/1/496 n1 transaction: as of August15, 2014the guarantor shall be solidarily liable to the creditor for the fulfillment of obligations of the borrower under the credit agreement executed on the following terms: * The creditline limit: 15,000 ,000,000 (fifteenbillion) rubles * The granted term of the credit is until August13 , 2017 * The borrower shall pay the interest on credit to the creditor at the rate determined by the credit agreement but not exceeding 12% per annum Deadline for the The term of validity of the guarantee- until August13, 20 fulfillment of the 20; prior to the specified term the guarantee is obligation: terminatedupon fulfillment of all obligations under the Credit agreement by the Borrower, or upon fulfillment of obligations under the Agreement by the Guarantor or to the extent otherwise stipulated by the legislation of the Russian Federation Parties and The creditor - open joint-stock company "Sberbank of beneficiaries under Russia" (OJSC "Sberbank of Russia") transaction: The guarantor - open joint-stock company "Magnit" The borrower (beneficiary) -joint-stock company "Tander" The amount of the 20,395, 068,493(twenty billion threehundred and ninety transaction in the fivemillionsixty eight thousand four hundred and ninety monetary value and three) rubles which amounts to 28.98% of the balance sheet as a % of the asset assets of the issuer value of the issuer: Asset value of the 70,383, 864thousand rubles issuer as of the closing date of the accounting period preceding the execution of the transaction: Date of the August15, 2014 transaction execution: Information on the The transaction was approved by the general shareholders approval of the meetingof May 29, 2014(Minutes of the general shareholders transaction: meetingof OJSC "Magnit" w/o No. of May 30, 2014) For further information, please contact: Timothy Post Director, Investor Relations Email: post@magnit.ru Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 Dina Svishcheva Deputy Director, Investor Relations Email: Chistyak@magnit.ru Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 Company description: Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2014, Magnit operated 24 distribution centers and over 8,600 stores (7,614 convenience, 226 hypermarkets, and 778 drogeries) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation. In accordance with the audited IFRS consolidated financial statements for 2013, Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is one of the largest retailers in Europe. END The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.




For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: PR Newswire TOD Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters