Rostelekom OAO approves credit lines from Gazprombank and Sberbank-PRIME
Rostelekom OAO:The board of directors of Rostelecom has approved taking out two credit lines totaling 30 billion Russian rubles from Gazprombank and Sberbank-PRIME.Rostelecom plans to open a 20 billion Russian ruble credit line with Gazprombank for five years.The funds will be provided in tranches for periods from 90 days to three years.The fixed interest rates will be set in the range between 6 pct and 15 pct annually, and the floating interest rate is 1-month MosPrime plus up to 4 pct.Rostelecom said it plans to use the borrowed funds to repay its previous debts to banks, enterprises, and individuals, as well as to finance operations with securities.Under the terms of a 10 billion ruble five-year credit line opened with Sberbank, Rostelecom will be able to take loans in tranches for periods from 90 days to three years with the maximum fixed interest rate set at 8.69% annually. The floating interest rate has been set at 3-month MosPrime plus 4%.
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