Rostelekom OAO to open credit line with VTB-PRIME

Tuesday, 3 Dec 2013 10:53pm EST 

Rostelekom OAO:Rostelekom OAO will open a 30 billion Russian roubles five-year credit line with state-controlled bank VTB at 8.34 percent annually-PRIME.The company has held a tender for a five-year loan at no more than 8.45 percent annually.Russia’s Sberbank also took part in the tender offering a loan at 8.45 percent annually.On Dec. 3 Rostelekom OAO announced another tender for a five-year 30 billion Russian roubles credit line at an interest rate of no more than 8.3 percent.The operator plans to announce the winner by Dec. 12.It will use the borrowed funds to refinance debt and buy shares from minority shareholders dissenting with the spin-off of the company’s mobile assets ahead of the proposed merger with mobile operator Tele2 Russia. 

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