Russian discount retailer Kopeika has secured a RUB4bn (US$142.9m) loan from state-controlled bank Sberbank, according to reports.
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Kopeika’s President Sergei Solodov told Reuters yesterday (9 December) that Sberbank approved the loan, which is secured by the retailer’s property, last week.
It is understood the retailer is also awaiting a decision by another state-controlled lender, VTB, on a RUB1.5bn loan, which will be used to put options on RUB4bn of bonds in February and August next year.
The company also has plans to withdraw funds from its operational cashflow in order to repay debt, the reports said.
The banks have already provided around RUB30bn of loans to major retailers including X5 Retail Group, Magnit, Seventh Continent, Mosmart, Holiday and OJSC Grinn Corp.
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By GlobalDataRussian grocer Magnit Group secured a RUB300m loan from VTB in October this year.
