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GLOBEX Bank Opens RUB 800 mln credit line for Obuv Rossii
02.08.2017 - Novosibirsk – Obuv Rossii Group (“Obuv Rossii” or “the Company”) announces today that it has entered into 3-year revolving credit facility agreement with and GLOBEX Bank in the amount of RUB 800 million. The new credit facility will diversify the number of sources for borrowed funds and reduce the average cost of credit portfolio servicing. The agreement was signed on 1 August 2017.
Anton Titov, CEO of Obuv Rossii, commented:
"By securing a credit facility which will help us diversify the number of sources of financing for our development, we have once again confirmed our status as a high-quality borrower. Being one of our key financial partners, GLOBEX Bank provides us with the financial support that plays an important role in achieving our company's strategic goals. In recent years, we have been actively developing new areas of the business, including footwear production, which has allowed us to bolster our competitive strengths and cement market positions."
"GLOBEX Bank has cooperated with Obuv Rossii since May 2012, when the first credit facility agreement for RUB 300 million roubles was entered. Obuv Rossii is a company which has consistently demonstrated dynamic development and strong financial performance" highlighted Konstantin Makienko, head of the Novosibirsk branch of GLOBEX Bank. "It is important for us to support the enterprises that make a great contribution to the development of our country's economy."
Today, Obuv Rossii has more than 500 stores in more than 140 Russian cities. According to Discovery Research Group, the company is one of the 3 largest Russian footwear chains by the number of stores (including franchises) and a leader of the mid-price segment of the shoe market (as of June 2017).