RLPC-Russian mobile firm Vimpelcom seeks $2 bln syndicated loan
LONDON Feb 24 (Reuters) - Vimpelcom, Russia's third biggest mobile operator, has approached banks for a $2 billion, three-year syndicated loan that will be used to refinance existing debt and for woking capital, banking sources said.
The new revolving credit facility will be used to refinance an existing $500 million, three-year revolver that was agreed in December 2011 with Vimpelcom Amsterdam, while the remaining $1.5 billion will be used as a new money working capital facility, the bankers said.
The deal will pay a margin of between 175-300 basis points, one of the bankers said.
Vimpelcom could not be immediately reached for comment.
Around 17 banks have been approached by Vimpelcom to commit $200 million each to the new deal, including lenders on the existing $500 million loan, as well as a number of banks which had been lined up for a $3.66 billion syndicated loan but was shelved late last year, another of the bankers said. (Editing by Christopher Mangham)
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