LJUBLJANA (Slovenia), May 30 (SeeNews) – Slovenian retailer Mercator [LJE:MELR] said on Thursday it has signed a 80 million euro ($89.2 million) super-senior facility arrangement with VTB Bank Europe.
The new super-senior facility at considerably better terms is an important part of the pursuit of Mercator's long-term strategy, the retailer said in a filing to the Ljubljana Stock Exchange.
“By signing the contract documentation, VTB has expressed its solid support and confidence in the success of the Mercator Group's operations.”
VTB Bank Europe is part of Russian financial group VTB.
Mercator also said that the company is successfully executing the second stage of its strategy following the completion of a first stage of Mercator Group's comprehensive restructuring in 2016 and 2017. The restructuring included stabilization of operations, a Value Creation Plan, a new marketing strategy, and re-entry to the market of Bosnia and Herzegovina, Mercator said.
“The third stage of Mercator's long-term strategy will, in addition to investing into a new logistics centre, facilitate Mercator's new development cycle that is of vital importance for even more successful performance and long-term development of the suppliers in Slovenia and the broader region,” the retailer said.
Mercator returned to the Bosnian market in October 2017 last year after a three-year absence.
($=0.89686 euro)