OREANDA-NEWS. On 18 July 2008 was announced, that OJSC VolgaTelecom has summarized the results of open tender of selecting a credit institution to render financial services of concluding contracts of credit extension. VolgaTelecom invited the tender on June 02, 2008. Two credit institutions have filed their bids: Closed Joint Stock Company “UniCredit Bank” (lots №№ 1,3,4) and Commercial Joint Stock Bank “Bank Societe General Vostok” (Closed Joint Stock Company) (lot №2).

In accordance with the requirements of legislation and terms of tender documentation the agreements of credit extension will be made with ZAO “UniCredit Bank” (lots №№ 1,3,4) on the following terms and conditions:

- Lot № 1 – Credit extension to the amount of RUR 300 000 000 for the period of 36 months at the rate of 1-month MOSPRIME + 3,2% per annum;

- Lot № 3 - Credit extension to the amount of RUR 800 000 000 for the period of 48 months at the rate of 1-month MOSPRIME + 3,4% per annum;

- Lot № 4 - Credit extension to the amount of RUR 400 000 000 for the period of 60 months at the rate of 1-month MOSPRIME + 3,6% per annum.

Lot № 2 – the agreement of credit extension to the amount of RUR 500 000 000 for the period of 36 months (with amortization) at the rate of 1-month MOSPRIME + 2,75% per annum will be made with ZAO “BSGV”.

The raised funds will be allocated for financing VolgaTelecom’s day-to-day operations and investments. In holding the open tender the Company uses MOSPRIME floating interest rate on long-term borrowings for the second time.

More detailed information about the results of open tender is available at: http://www.vt.ru/8211