Russia’s ER Telecom has announced it has secured a six-year Rbs6.5bn (US$221.3m) credit line with state-controlled Sberbank.
The Moscow based cable TV and broadband internet provider said in a statement the credit line forms part of the second…
Russia’s ER Telecom has announced it has secured a six-year Rbs6.5bn (US$221.3m) credit line with state-controlled Sberbank.
The Moscow based cable TV and broadband internet provider said in a statement the credit line forms part of the second stage of its Rbs12.5bn (US$425.5m) debt refinancing ‘Leadership Strategy’ announced in early 2010.
The funds will be used to help the company achieve its plans for development and growth.
ER Telecom highlighted its expansion between 2009 and 2011, saying revenues rose from Rbs4.67bn (US$156.7m) to Rbs9.68bn (US$329.5m), and subscriber numbers increased from about 2.01 billion in 17 cities to 3.91 billion in 42 cities, according to the statement.
ER Telecom said it expected its revenues to triple between 2011 and 2015, fuelled by increasing subscriber numbers.
By 2015, the company said it aims to have increased its share of Russia’s broadband internet and cable TV markets from 10% to 20%.