MAXIMA GRUPĖ invested €116m to expand and renovate stores in 2022. Credit: Bearas/commons.wikipedia.org.

Lithuania-based retail chain MAXIMA GRUPĖ has closed financing agreements for amounts totalling €100m ($107.03m) from different parties.

The retailer will receive €50m ($53.52m) from AB SEB Bankas and Skandinaviska Enskilda Banken while the remaining €50m will come from Swedbank.

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Proceeds from the financing will facilitate MAXIMA’s general business requirement for five years.

The company expects to use most of the funds to redeem long-term bonds, which are set to mature on 13 September 2023.

MAXIMA GRUPĖ CEO Agnė Voverė said: “The main direction of the company continues to be the development of retail chains managed by the group in Poland and Bulgaria. The group’s plans include the redemption of bonds issued five years ago and investments in retail solutions.

“The recently concluded financing agreements will contribute to the implementation of future plans, including investments in operational efficiency, development and sustainability projects.”

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The company noted that there are no performance guarantees or pledged assets related to the financing.

MAXIMA GRUPĖ operates under various banners, including the MAXIMA in the Baltics, STOKROTKA in Poland, T-MARKET in Bulgaria and BARBORA in the Baltics and Poland.

Last month, the retailer reported that its revenue increased by 14.9% to €5.15bn ($5.51bn) in fiscal year 2022 compared to fiscal year 2021.

Revenues were driven by a 28.3% growth in Poland and a 9.8% in the Baltic states.

MAXIMA GRUPĖ made a total investment of €116m ($124.16m) to expand and renovate stores in 2022, which is 7.2% more compared to 2021.