OREANDA-NEWS. August 13, 2007.. OJSC VolgaTelecom summarized the results of open tender for selection of a credit institution for the provision of financial services of concluding the contract of establishing a credit line.

By the decision of OJSC VolgaTelecom’s tender committee of August 10, 2007 Bank VTB (OAO) was recognized the tender’s winner as the institution which had offered the lowest rate of 7,5% per annum.

OJSC VolgaTelecom invited the open tender for selection of credit institution on July 2, 2007. The credit institution was selected for two lots:
Lot № 1 – establishing of nonrevolving credit line with the credit ceiling of RUR 1 000 000 000 (One billion) for the period of 5 years to finance the Company’s investment activities;
Lot № 2 – establishing of nonrevolving credit facility with the credit ceiling of RUR 500 000 000 (Five hundred million) for the period of 5 years to finance OJSC VolgaTelecom’s investment activities.

Four banks provided the offers for the tender: Savings Bank of Russia, OAO Bank VTB, Joint-stock Bank “Gazpombank” (ZAO) and ZAO “International Moscow Bank”.
The offers were assessed by the tender committee on August 7, 2007; as a result – all the banks which had filed the offers were allowed to participate in tender.

The chairman of tender committee, OJSC VolgaTelecom General Director’s deputy for economic and finances, Mr. Yuri Shaginov said: “The tender of selection of a credit institution was held by the Company for the second time during this year, and as a result the Company obtained the best credit terms. Moreover, during the second tender the commercial banks gave up the requirements to secure the credit, which again testifies to VolgaTelecom’s credit quality and high trust level to the Company from the part of financial institutions”.