Kopeika secures state loan
Russian discount retailer, Kopeika, has secured a RUB4 billion (USD142.9 million) loan from state controlled Sberbank. Kopeika President Sergei Solodov said the bank approved the loan, secured by the retailer’s property last week and is awaiting a decision by another state controlled lender (VTB) on a RUB1.5 billion loan (USD 59 million). The company plans to use the funds to meet put options on RUB4 billion (USD142.9 million) of bonds in February and August 2009. Solodov said the company intends to withdraw funds from its operational cashflow to repay debt. He said: This year we expect sales growth of 40% in rouble terms to RUB49 billion (USD1.9 billion). Our forecast for revenue growth next year is 30% in roubles, and for EBITDA (earnings before interest, taxation, depreciation and amortisation)of about USD150 million." In October the chain said it had scaled down expansion plans as it attempts to strengthen its liquidity profile and acquire rival chains.
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