Russia's Sberbank has concluded an agreement to open a five year USD340m credit line for Russian car distributor Rolf.

The credit will be used to refinance part of its current debt, the company said.

Commenting on the successful refinancing and the agreement with Sberbank, Nick Hawkins, CEO of the ROLF Group, said: "We are pleased to have been able to agree this new facility with Sberbank, Russia's leading bank, on favourable terms. We have been impressed by the support and professionalism that Sberbank has shown us in these negotiations and the commitment they have shown to provide long-term support to leading Russian  companies.

“The financing structure of this credit facility and its five year term provide Rolf with additional confidence and financial flexibility to keep pursuing its strategy and to maintain a market leading position across its business." 

The current bank debt of the Rolf Group stands at  USD463m. The Rolf Group has also issued Eurobonds in the amount of about USD150 million.

Rolf – which acts as a distributor for a number of international brands - was growing fast in Russia until the market crashed last year with the international financial crisis.