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North-West Telecom

May 28, 2008

North-West Telecom JSC announced the auction for arranging a syndicated loan

North-West Telecom JSC announced the auction for arranging a syndicated loan, amount of the loan is USD 200 million.

Bids for the auction for arranging a syndicated credit on the international capital market are accepted from May 27, 2008 till June 26, 2008. The auction results will be announced on June 30, 2008.

The loan is not secured and is organized on the following conditions:

  • Amount of the loan: USD 200 million, of which USD 150 million are issued as the Creditor’s obligation and USD 50 million are provided subject to favorable market conditions;
  • The credit is to be repaid in 3 years in equal quarterly installments, starting from the date 15 months from the signing date of the Credit Agreement;
  • The organization commission fee is 1.75% of the amount of financing;
  • The interest rate on the credit will be LIBOR 3M+Margin,

where

LIBOR 3M is the London interbank offered rate for USD deposits with the interest period of 3 months;

The Margin will be determined in the course of the auction, the starting value being 2.75% per annum.

The borrowed funds will be used for investment program financing and short-term debt refinancing.

 

 

 

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