X5 Retail borrowing 9 bln rubles from VTB over 3.5 yrs to refinance short-term debt
MOSCOW. Aug 28 (Interfax) - X5 Retail Group N.V., Russia's largest retailer in terms of revenue, has signed a loan deal worth 9 billion rubles with VTB Capital Plc to refinance current short-term debt, X5 said in a statement.
The new term-loan has a bullet repayment and a tenor of 3.5 years.
The new VTB facility will diversify and improve X5's current debt structure, extending the maturity schedule of the company's debt portfolio to 2016 and reducing short-term debt to less than 30% of X5's total debt, X5 said. The new loan will not result in an increase in the company's total debt, it said.
The company reported total debt of $3.691 billion, of which 31.7% was short-term ($1.17 billion) and 68.3% long-term debt ($2.521 billion), at the end of Q2 2012. Net debt was $3.525 billion and net debt/EBITDA - 3.4.
X5 Retail Group had 3,298 company-operated stores at the end of H1 2012. These included 2,783 soft discounter stores, 341 supermarkets, 77 hypermarkets and 97 convenience stores. The X5 shareholders are Alfa Group - 47.86%, founders of Pyaterochka - 19.85%, X5 directors - 0.14%, treasury shares - 0.11%, free float - 32.04%.
