Magnit closes RUB15bn loan

Magnit closes RUB15bn loan

Published: August 26, 2014

Russian retailer will use Sberbank CIB funding line for working capital.

Magnit, the biggest food retailer in Russia, has secured a RUB15bn (US$414.7mn) loan to finance its working capital needs.

The funding was provided by Sberbank CIB, the investment-banking division of Russian financial services group Sberbank.

Magnit, which runs 8,618 stores across the country, recently announced results for the first half of 2014 – revenues were up almost 30% to RUB349bn, while gross profit was also up by 30%, to RUB97bn.