OREANDA-NEWS. July 05, 2010. Sviaz-Bank will lend 1.2 billion rubles to the Far Eastern Electrical Communications Company OJSC as the winning bidder in a public auction held to select a financial institution that can open a revolving line of credit with a drawdown time of 24 months, reported the press-centre of Sviaz-Bank.

The company plans to use the borrowed funds to cover its operational, investment, and financial expenses, including the costs of refinancing its existing debt.

Alfa-Bank OJSC, Sberbank of Russia OJSC, VTB Bank (OJSC), TransCreditBank OJSC, and the Far Eastern Bank OJSC were the other bidders in the auction.

Dalsviaz OJSC is one of the Sviazinvest Group of companies, which is among the Bank’s major strategic partners.