Russia’s MegaFon has drawn a Rbs15bn (US$275.8m) tranche under an existing Rbs30bn (US$551.6m) revolving credit facility with the local VTB Bank.
The Rbs15bn tranche has a two-year tenure, the Moscow-based telco said in a statement.
The funds will be…
Russia’s MegaFon has drawn a Rbs15bn (US$275.8m) tranche under an existing Rbs30bn (US$551.6m) revolving credit facility with the local VTB Bank.
The Rbs15bn tranche has a two-year tenure, the Moscow-based telco said in a statement.
The funds will be used to finance current business activities and provide additional liquidity to mitigate foreign exchange devaluation risks for short-term debt.
MegaFon CFO Gevork Vermishyan described the transaction as “a proactive fundraising in anticipation of elevated key rate”.
The company, Russia’s second-largest mobile operator, reported revenues for Q3 2014 of Rbs81.07bn (US$332.33m), up 4.5% year-on-year. OIBDA was up 5.3% to Rbs37.26bn (US$685.25m) and net debt as of 30 September totalled Rbs140.28bn (US$2.58bn).
