Russian operator MTS will make an early repayment of its US$695m syndicated loan raised last year.
Initially MTS signed a syndicated loan for US$295m and E214m in May 2009 with 14 MLAs and bookrunners. But due to high demand, the loan was increased to…
Russian operator MTS will make an early repayment of its US$695m syndicated loan raised last year.
Initially MTS signed a syndicated loan for US$295m and E214m in May 2009 with 14 MLAs and bookrunners. But due to high demand, the loan was increased to US$360m and E238.1m in July and five additional banks joined the deal. The three-year facility carried a margin of 650bp over Libor/Euribor and would be repaid in three semi-annual instalments after a two-year grace period.
The proceeds of the initial amount were to be used to refinance the US$630m three-year tranche of MTS’ US$1.3bn loan signed in April 2006, while the additional amount would be used for general corporate purposes.
Credit Suisse and ING acted as co-ordinating banks and ING was facility agent.
The original MLAs and Bookrunners consisted of Absolut Bank, Banc of America Securities Limited, Bank of China, Bank of China Limited; Bayerische Landesbank, BNP Paribas, Credit Suisse, Export Development Canada, HSBC, ING, JPMorgan, Royal Bank of Scotland, Banque Société Générale Vostok, Société Générale Corporate and Investment Bank Paris, UniCredit Group (represented by UniCredit Bank and UniCredit Bank Austria) and WestLB London Branch.
The five subsequent banks were VTB Bank, which joined as lead arranger of the facility, Svenska Handelsbanken joined as arranger, while Alpha Bank, RZB and Banca Intesa were managers.
