OREANDA-NEWS. May 15, 2014. Sberbank CIB organized a three-year non-revolving credit facility of RUB 10 billion (About USD280 million) for Lenta (LSE, MOEX: LNTA), one of the largest retail chains in Russia.  

The credit facility has a one-year availability period and matures in April 2017. The Company intends to use the funds to refinance short-term debt and current operations. The fixed lending rate is 10% per annum.

The credit deal is another step in the development of the partnership between Sberbank CIB and Lenta. Both parties aim to continue to increase cooperation and work together on future projects.

Today Lenta operates 80 hypermarkets in 45 cities across Russia and 12 supermarkets in Moscow and the Moscow region with approximately 528 thousand sq.m. of retail space. The credit facility will allow the company to continue with plans to expand its retail chain. In 2014 Lenta plans to open 24 hypermarkets and 15 supermarkets throughout Russia and double its retail space over the next three years. The credit facility will improve Lenta’s financial stability and diversify its sources of financing.