Magnit Announces Execution of Related Party Transactions
OREANDA-NEWS. OJSC “Magnit”, Russia's largest retailer (the “Company”, the “Issuer”; MICEX and LSE: MGNT), announces the execution of the transactions on December 26, 2013.
The essentials of the transaction are as follows:
Type of transactions: |
Related party transactions |
Subject of transactions: |
Provision by the Issuer of the guarantee under the Agreements N29-15/1/399 and N29-15/1/400 on the opening of the revolving credit line as of December 26, 2013, executed between JSC “Tander” and Open joint-stock company “Sberbank of Russia” (OJSC “Sberbank of Russia”) |
Content of the transactions: |
In accordance with the guarantee agreements N29-15/1/399p1 and N29- 15/1/400p1 of December 26, 2013 the guarantor shall be solidarily liable to the creditor for the obligations of the borrower under the credit agreement executed on the following terms: The credit line limit: 2,500,000,000 (two billion five hundred million) rubles The granted term of the credit is until December 23, 2016 (inclusive) 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 fulfillment of the obligation: |
The term of validity of the guarantee - until December 23, 2019; prior to the specified term the guarantee is terminated upon 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 beneficiaries under transaction: |
The creditor - open joint-stock company “Sberbank of Russia” (OJSC “Sberbank of Russia”) The guarantor - open joint-stock company “Magnit” The borrower (beneficiary) - joint-stock company “Tander” |
The Amount of the transaction in the monetary value and as a % of the asset value of the issuer: |
3,398,356,164 (three billion three hundred and ninety eight million three hundred and fifty six thousand one hundred and sixty four) rubles which amounts to 4.96% of the balance sheet assets of the issuer |
Asset value of the issuer as of the closing date of the accounting period preceding the execution of the transaction: |
68,422,621 thousand rubles |
Date of the transaction execution: |
December 26, 2013 |
Information on the approval of the transaction: |
The transaction was approved by the general shareholders meeting of May 24, 2013 (Minutes of the general shareholders meeting of OJSC “Magnit” w/o No. of May 24, 2013) |
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