JSC MTS has completed the second phase to attract a syndicated loan, with the result that the company was able to get an additional order of $ 100 million, increasing the overall size of the loan up to $ 695 million
In the first phase of raising finance in May 2009, the company has attracted two tranches of $ 295 million and 214.5 million euros. On 14 July this year in the banking syndicate was composed of five more international banks, which provided additional funding of about $ 100 million ($ 65 million and 23.6 million euros).
Attracted funds aim to refinance a syndicated loan of $ 630 million, which are part of the debt for the syndicated loan in the amount of $ 1.33 billion, ITT received in April 2006. The balance of the newly raised funds directed to the needs of a corporate company.
The term of payment of the loan - in 2012, the interest rate of LIBOR /EURIBOR 6,5%, repayment of the loan provided for the three equal parts, the beginning of the loan payments on the body - in two years.
Our ability to refinance debt and to attract additional funding reaffirms the fundamental position of the MTS business that acquires special significance in the context of significant volatility in international capital markets. Emphasizing the fact that MTS was able to attract new banks into a pool of organizers. long-term a loan on favorable terms gives the company additional financial flexibility to continue the investment program and implementation of our future commitments, - commented VRIO vice president of finance Alexey Root.
In the new banking syndicate composed VTB Bank (Germany) AG, as the authorized organizer of the loan; ZAO Svenska Handelsbanken as an organizer of the loan, Alpha Bank AE, Raiffeisen Zentralbank Oesterreich AG and ZAO Banca Intesa as managers of the loan.
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