MAGNIT Press-release Krasnodar October 31, 2014
PJSC "Magnit" Announces the Execution of the Related Party Transaction
Krasnodar, October 31, 2014: PJSC "Magnit", Russia's largest food retailer (the "Company"; MICEX and LSE: MGNT), announces the execution of the transaction on October 31, 2014.
Please be informed that on October 31, 2014 PJSC "Magnit" (the Lender) and LLC "Selta" (the Borrower) executed the related party transaction, according to which the Lender provides the loan of funds to the Borrower which is to be repaid by the Borrower within the period determined by the contract. The repayment of the loan and (or) the interest may be effected by the Borrower in advance, without written notice to the Lender of the loan repayment, by means of transfer of the loan to the bank details specified in the contract or otherwise not contradictory to the Civil Code of the Russian Federation (offset of mutual claims, assignment of a claim, etc.).
The essentials of the transaction are as follows:
Type of transaction: related party transaction
Subject of transaction: loan of funds
Parties and beneficiaries under transaction:
the Lender - public joint-stock company "Magnit" the Borrower - limited liability company "Selta"Maturity: loan maturity date - 27.10.2017
Transaction amount: 885,000,000.00 rubles, which amounts to 1.02% of the balance sheet value of assets of the issuer
Interest rate: 11.45% per annum
The assets value of the issuer as of the closing date of the reporting period preceding the transaction execution and
in respect of which the deadline for filing the accounting (financial) report has passed:
86,465,293 thousand rubles
The transaction was approved by the Board of Directors of PJSC "Magnit" on October 7, 2014 (minutes of the
Board of Directors meeting of PJSC "Magnit" № w/№ of October 8, 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 September 30, 2014, Magnit operated 25 distribution centers and over 9,020 stores (7,891 convenience, 243 hypermarkets, and 886 drogerie stores) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the reviewed IFRS consolidated financial statements for 1H 2014, Magnit had revenues of
$9,979 million USD and an EBITDA of $1,045 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.
|
distributed by
|
