OREANDA-NEWS. On 05 March 2009 was announced, that VolgaTelecom summarized public auction of selecting a financial institution for concluding the contract of establishing a revolving credit facility.

Two bids were accepted for the auction’s first lot (The contract of establishing a revolving credit line of the credit ceiling of RUB 300 million for a period of 18 months with the tranches up to 30 calendar days): Intra-regional commercial bank of communications and IT development (open joint stock company) and Joint Stock Commercial Savings Bank of the Russian Federation (open joint stock company). The auction’s first lot was awarded to Intra-regional commercial bank of communications and IT development; it was the first to offer the contract price of 14.57% per annum while the established initial bottom price was 15.5%.

As regards the second lot (The contract of establishing a revolving credit line of the credit ceiling of RUB 500 million for a period of 18 months with the tranches up to 120 calendar days) VolgaTelecom will conclude the contract with the sole bidder for this lot - Joint Stock Commercial Savings Bank of the Russian Federation (open joint stock company). In the course of examining the bid the Auction committee concluded that the filed bid meets legal requirements and the auction’s documentation.

The funds raised through the auction will be allocated for the replenishment of VolgaTelecom’s current and non-current assets.

The public auction was advertised on December 30, 2008, and the bids for the public auction were accepted before January 29, 2009.

More detailed information about the auction’s results is available on: http://www.vt.ru/13025