Moscow-based MegaFon (MCX:MFON) has agreed a €150m (US$165m) loan provided by UniCredit Bank Austria and backed by Finnish export credit agency Finnvera.
The Russian telecoms operator will use the proceeds to buy fixed and wireless equipment,…
Moscow-based MegaFon (MCX:MFON) has agreed a €150m (US$165m) loan provided by UniCredit Bank Austria and backed by Finnish export credit agency Finnvera.
The Russian telecoms operator will use the proceeds to buy fixed and wireless equipment, software, and related services from Nokia (HEL:NOK1V).
The loan comes at a time when Russian operators have been coping with increasing capex costs due to the weak rouble and their reliance on imported equipment.
“The new Finnvera facility agreement reflects our continued ability to access the most competitive terms available in the export credit agency financing market,” said Gevork Vermishyan, CFO of MegaFon.
Vermishyan added that he was pleased to welcome UniCredit Bank Austria as a new financing partner and looked forward “to further expansion of our relationship on a mutually beneficial basis”.
MegaFon said it would be able to draw from the facility for 18 months, repaying the amount over eight and a half years. UniCredit Bank Austria acted as mandated lead arranger, original lender and agent.
