Sberbank, Rostelecom Signed Loan Agreements
OREANDA-NEWS. June 22, 2012. Sberbank of Russia and Rostelecom signed Loan agreements for 3 and 5 years for 60 billion loan to the company in total. Funds received by Rostelecom on these Agreements will be used to fund its day-to-day operations, investment program and refinancing of current liabilities, reported the press-centre of Sberbank.
Agreements signed by the Parties are concluded in accordance with results of open tender held by Rostelecom. Sberbank was announced as the winner with best bids by price.
“We are positive about beginning of the next new stage in cooperation between Sberbank of Russia and one of the largest telecommunication companies in Russia – OJSC Rostelecom; and we are going to increase scope of our cooperation in all spheres within our strategic partnership,” – stated Andrey Grenkov, Head of Clients’ Managers Division of Sberbank of Russia.
“We are contented with results of the tender and feel optimistic about further development of our partner relations with Sberbank, which holds leading positions on Russian financial market and offers best conditions for funding. Rostelecom plans to use the borrowed funds to refinance current debts among other – by this means the Company may “extend” its debt and provide more balanced structure of its debt portfolio,” – stressed Iliya Ponomarev, Executive Director – Director of Finances of OJSC Rostelecom.
Decision to raise additional debt financing up to 60 billion rubles in 2012 was made by the Board of Directors of OJSC Rostelecom on 13.06.2012.