News Column

Sberbank CIB organizes line of credit for Magnit

August 21, 2014



ENP Newswire - 21 August 2014

Release date- 20082014 - Sberbank CIB1 organized a revolving line of credit2 worth RUB 15 bln for a period of three years for Magnit Group.

The funds will be used to finance the company's working capital.

'We are sure that this deal is another step in the expansion of our cooperation with our long-term partner,' Dmitry Sredin, Managing Director, Client Management Department, Sberbank CIB. 'Magnit Group is a strong player with a clear development strategy for the consumer sector; the company looks particularly promising in the current situation and Sberbank is one of only a few banks capable of handling a deal of this size.'

Information for editors:

Sberbank CIB

The Corporate & Investment Banking Business (Sberbank CIB) was created as part of the integration of Sberbank of Russia and Troika Dialog. Sberbank CIB's key areas of activity are corporate finance (including trade finance), the documentary business3, investment banking services, trade operations with securities, and private equity. Sberbank of Russia's Corporate & Investment Banking Business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.

Additional Information:

Sberbank CIB Press Service

Tel: +7 495 258 0519

E-mail: pressa@sberbank-cib.ru

OJSC Magnit Grou

OJSC Magnit (MICEX and LSE: MGNT, S&P - 'BB') is the holding company for the group, which operates the Magnit retail chain, based in Krasnodar. Magnit has the largest chain of grocery stores in Russia. As of June 30, 2014, the company operates a chain of 7,614 stores, 169 hypermarkets, 57 Magnit family stores and 778 Magnit cosmetic stores, located in 1,959 towns throughout Russia.

Approximately two-thirds of stores are located in towns with populations of less than 500,000 people. The majority of stores are located in Southern, North Caucasian, Central and Volga Federal Districts. Magnit stores are also located in Northwestern, Ural and Siberian Districts.

As of June 30, 2014, the company's distribution network includes 24 distribution centers, an automated resource management system and fleet of 5,697 vehicles.

According to audited IFRS consolidated statements, company revenue in 2013 amounted to $18,202 bln, EBITDA - $2,032 bln.

1On the basis of CJSC 'Sberbank CIB'

2Financing provided by Sberbank of Russia

3Banking products and services provided by Sberbank of Russia


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



Source: ENP Newswire


Story Tools






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