OREANDA-NEWS. Sberbank CIB has organised financing for the Mcapital Group and The Seventh Continent Group in the form of a seven-year non-renewable credit line worth RUB 44 bln. The interest rate for the loan is 9.25% per annum. The Mcapital Group is the owner of the real estate of The Seventh Continent Group.

The funds provided under the credit line will be used to refinance the borrower’s loan portfolio. The Group’s assets and sureties will serve as collateral for the deal.

Alexander Zanadvorov, shareholder of the Mcapital Group and The Seventh Continent Group, commented: “The Seventh Continent will receive new impetus to develop thanks to this financing. We have big plans for the future modernisation of our chain and expanding our business in partnership with Sberbank. I’d also like to thank the Sberbank team for their highly professional and efficient work on the deal.”

Kirill Polishkin, Acting Director of the Client Management Department, Managing Director at Sberbank CIB, said: “This deal is the product of the well-coordinated efforts of all the teams involved and a common understanding of the potential of this developing segment of the Russian economy. Until now the company was one of the few major retail chains which had not cooperated with Sberbank across our product line. We are grateful to the management of The Seventh Continent for their focus on achieving results and for choosing our bank as a strategic partner.”