OREANDA-NEWS. TTK (JSC TransTeleCom Company), one of the largest operators in Russia, has announced the opening of a revolving credit line with a limit of 3 billion rubles for a period of five years from VTB Bank. It is planned that the funds will be used to refinance current loans to companies with a maturity that will end in 2015.

"Next year, we are planning to refinance part of the debt due to the company's new line of credit. This will allow us to maintain a comfortable level of debt and EBITDA ratio, as well as provide the necessary funds for further development of investment projects," said Vyacheslav Sotnik, senior vice president of economics and finance at TTK. "In addition, in the face of rising interest rates on loans, it will allow us to reduce the burden of servicing debt."

Senior deputy president and chairman of VTB Yuri Soloviev said: "TransTeleCom currently occupies a strong position in the relatively stable telecommunications market, making TTK a borrower we are interested in. Moreover, we have rather extensive experience with TTK, and we see the company as a reliable customer and partner."