Russia-focused telco VimpelCom is reportedly seeking a US$2bn three-year syndicated loan from a consortium of banks.
The majority of the proceeds – US$1.5bn – will be used as a new working capital facility while the remainder will go towards…
Russia-focused telco VimpelCom is reportedly seeking a US$2bn three-year syndicated loan from a consortium of banks.
The majority of the proceeds – US$1.5bn – will be used as a new working capital facility while the remainder will go towards refinancing an existing US$500m, three-year revolver agreed in December 2011, Reuters reported citing banking sources.
A VimpelCom spokesperson declined to comment on the matter.
According to one source, VimpelCom has asked about 17 banks to contribute US$200m each to the new facility. Some of these banks are involved in the US$500m revolver, while others had been set to participate in the US$3.66bn syndicated loan shelved late last year, another source was cited as saying.
Last October, it was suggested that VimpelCom had hired nine banks to arrange a US$3.66bn syndicated loan to help fund its reorganisation and refinance debt attached to Italian unit Wind.
ING was reportedly the coordinator for that loan, while the other banks involved were said to be Intesa Sanpaolo, BNP Paribas, Credit Agricole, Deutsche Bank, Barclays, Sberbank, RBS and Alpha Bank’s Letter One.
