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26.06.2017 16:35
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PJSC MAGNIT - Execution of Material Transaction
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PR Newswire
London, June 26
Press Release
Krasnodar
June 26, 2017
PJSC “Magnit” Announces the Execution of the Material Transaction
Krasnodar, Russia (June 26, 2017): Magnit PJSC, one of Russia’s leading retailers (the “Company”, the “Issuer”; MOEX and LSE: MGNT), announces the execution of the material transaction on June 26, 2017.
Please be informed that on June 26, 2017 PJSC “Magnit” (the Lender) and JSC “Tander” (the Borrower) executed the material 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: | major transaction |
| Subject of transaction: | loan of funds at 8.48% per annum |
| Parties and beneficiaries under transaction: | the Lender – Public Joint Stock Company “Magnit” the Borrower – Joint Stock Company “Tander” |
| Maturity: | loan maturity date – 23.06.2020 |
| Transaction amount: | 32,500,000,000.00 rubles, which amounts to 27.93% of the balance sheet value of assets of the issuer |
| Interest rate: | 8.48% per annum |
| The assets value of the issuer as of the closing date of the last reporting period preceding the transaction execution: | 116,354,189 thousand rubles |
The transaction was approved by the Board of Directors on March 28, 2017 (minutes of the Board of Directors of PJSC “Magnit” w/o No. of March 28, 2017).
For further information, please contact:
| Timothy Post | Head of Investor Relations Email: post@magnit.ru Office: +7-861-277-4554 x 17600 |
| Investor Relations Office | MagnitIR@magnit.ru Direct Line: +7-861-277-4562 Website: ir.magnit.com/ |
| Media Inquiries | Media Relations Department press@magnit.ru |
Company description:
Public Joint Stock Company “Magnit” is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2017, Magnit operated 35 distribution centers and 14,089 stores (10,540 convenience, 427 hypermarkets and 3,122 drogerie stores) in 2,494 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS results for 2016, Magnit had revenues of RUB 1,075 billion and an EBITDA of RUB 108 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: 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.
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