OREANDA-NEWS. On 13 July 2009 was announced, that Sibirtelecom OJSC discharged its obligation under syndicated credit in the amount of 16.67 mln. euros before the appointed time.

In January 2007 Sibirtelecom OJSC (hereinafter “the Company”) negotiated an agreement about granting a syndicated credit for a 3-years’ period for 50 mln. euros. Seven banks took part in the loan financing procedure; Сommerzbank Aktiengesellschaft acted as the manager of the transaction. 

Credit resources, obtained by the Company, were directed for common corporate objectives, including financing of the 2007 investment plan.  

For the purpose of minimization of the currency risk, the Company adopted a decision about early repayment of the syndicated credit in May 2009. 

On June 26, 2009 the remaining outstanding amount under the credit (16.67 mln. euros) was repaid.

Referential (basic parameters of credit agreement):

Credit period: 3 years;

Interest rate: EURIBOR+margin, the value of which depends on the NET DEBT/EBITDA index. The margin value did not exceed “2” within the operative time of the agreement;

The credit is not secured.