Dixy Group shareholders approve USD200 million loan

Russian retailer Dixy Group’s shareholders have approved a syndicated loan of up to USD200 million at an extraordinary meeting. The loan will be extended by Raiffeisenbank, UniCredit Bank, Societe Generale Vostok and ING Bank N.V. The proceeds will be used for refinancing of USD135 million in outstanding debt.

Dixy Group has around RUB650 million roubles (USD21.7 million) of short-term debt. It also has RUB3 billion (USD100 million) of outstanding bonds due in 2011.