Agrokor and Sberbank announce EUR 600 million syndicated long-term loan facility
Apr 10, 2014
Agrokor and Sberbank announced a syndicated loan facility of EUR 600 mln during the signing ceremony of the Memorandum of Understanding on Cooperation (MoU). The agreement was signed by Herman Gref, Chairman of the Executive Board of Sberbank Group, and Ivica Todorić, President of the Agrokor Group.
This MoU, along with the announced EUR 600 mln loan will support Agrokor Group, one of the leading privately owned companies in Central and Eastern European region, in refinancing its existing financial liabilities and the further development of the Company. The loan maturity is 7 years.
This financing demonstrates Sberbank’s increased activity in the CEE region, with Sberbank of Russia participating EUR 500 million and Sberbank Europe AG with EUR 100 million. This deal also marks the successful continuation of the long-term strategic partnership between Sberbank and Agrokor to enhance services in the CEE retail sector. This will include the initiation of joint programs to better serve the financial needs of customers through innovation, new products and services, including digital solutions to enhance the banking and consumer purchasing experience.
„Agrokor has been present on the international capital market since two decades. Our partners are major global investors. However, getting and signing this Agreement with Sberbank Group is an exceptional honor and pleasure for Agrokor, the more so as it is one of the largest corporate deals to date for Sberbank Europe. This Agreement is a value acknowledgement of Agrokor's operations, as well as its vision and strategy“, said Ivica Todorić, President of the Agrokor Group, on this occasion.
Commenting on the deal, Herman Gref, Chairman of the Executive Board of Sberbank Group, said, “Sberbank is committed to expanding its footprint further into the CEE region as part of its international strategy. This deal, which is one of the largest corporate deals to date for Sberbank Europe, demonstrates our intention to provide innovative funding solutions to our corporate clients.”