January 22, 2020 / 2:34 PM / 25 days ago

Slovenia's Mercator secures refinancing with AIK bank

LJUBLJANA, Jan 22 (Reuters) - Slovenia’s largest food retailer Mercator refinanced a debt of its Serbian unit Mercator-S to the value of 90 million euros ($99.8 million) with Serbian bank AIK, Mercator said on Wednesday.

It did not give details of the deal but said the conditions of the refinancing were “much more favourable” than those of the previous syndicated loan which was taken in 2014 and would expire in March.

It added the refinancing will improve liqudity of the Serbian unit over the next five years and enable further developoment of Mercator in Serbia.

Mercator and its indebted owner, Croatia’s Agrokor, are in the process of a major restructuring. Agrokor’s largest shareholder is Russia’s Sberbank. ($1 = 0.9016 euros) (Reporting By Marja Novak; Editing by Elaine Hardcastle)

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