RNB RETAIL AND BRANDS has entered into an agreement with the company's principal owner, Konsumentföreningen Stockholm, regarding extension of part of the Group´s existing business financing. The agreement grants RNB the right to extend the SEK 200 M revolving loan from May 2016 to May 2017.
RNB RETAIL AND BRANDS has since May 2013 been granted business financing from the company's principal owner, Konsumentföreningen Stockholm, totaling SEK 400 M. The financing comprises of two loans of SEK 200 M each, of which one is a promissory note loan and the other is a so called revolving loan. Both loans run until May 2016, with possibility of extension of the promissory note loan until May 2017. RNB RETAIL AND BRANDS has now entered into an agreement with Konsumentföreningen Stockholm which grants RNB the right to extend the maturity of the revolving loan by one year. Hence, the maturity of the revolving loan can be extended to May 2017.
– Harmonizing our business financing to the same maturity adds further financial stability. It also allows us to focus on realizing the second part of the turn-around plan and thus reach our longterm financial targets, Magnus Håkansson, President and CEO of RNB RETAIL AND BRANDS says.