OREANDA-NEWS. December 14, 2009. JSC SITRONICS (SITRONICS or the “Group”) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, today announced that it has signed a USD  230 million two-year loan agreement with the Bank of Moscow group of companies, one of the top 5 banks in Russia.

The structure of the deal provides for an issue of loan participation notes (LPNs) through Golden Gates B.V, with the Bank of Moscow acting as the Arranger and Agent. Under the terms of this 2 year agreement, LPNs can be distributed to investors in the future.The new credit facility will be used to refinance the loan provided by the State Corporation “Bank for Development and Foreign Economic Affairs” (Vnesheconombank) on November 28, 2008.Marina Zabolotneva, Chief Financial Officer and First Vice President for Finance and Investments of SITRONICS, commented: “The long-term loan from the Bank of Moscow has been secured on attractive market terms.

We are committed to replacing our short-term debt liabilities with long-term loans in line with our financial strategy, and we look forward to strengthening our partnership with the Bank of Moscow going forward.”Andrei Germanov, Vice President of the Bank of Moscow, added: “This agreement is a good example of providing finance for Russian companies at favourable terms. We highly value SITRONICS’s strong competitive position in the market of innovative technologies and its excellent prospects of co-operation with state corporations.”