Russia’s largest mobile operator Mobile TeleSystems (MTS) has approved the issue of exchange bonds worth a total Rbs50bn (US$1.42bn).
There will be six placements of bonds valid for between 10 and 15 years, a company spokesperson confirmed.
The…
Russia’s largest mobile operator Mobile TeleSystems (MTS) has approved the issue of exchange bonds worth a total Rbs50bn (US$1.42bn).
There will be six placements of bonds valid for between 10 and 15 years, a company spokesperson confirmed.
The timing of the placements will depend upon market conditions and proceeds will be used to refinance existing debt and pay dividends.
MTS has not hired any advisers for the transaction.
Moscow-based MTS reported revenues of Rbs103bn (US$2.92bn) for Q3 2013. The telco’s net debt as of 30 September 2013 totalled Rbs167.49bn (US$5.12bn), while its net debt to LTM OIBDA was at 1x.
MTS last tapped bond markets in May 2013 when it placed a US$500m ten-year bond with a 5% interest rate.
