OREANDA-NEWS. On 22 May 2009 was announced, that applications for participation in an open auction for the right of entering into nonrevolving credit line agreements were considered on May 12, 2009.

The subject of the agreement: 

·         on lot No. 1: a nonrevolving credit line with the limit of one billion (1,000,000,000) rubles;

·         on lot No. 2: a nonrevolving credit line with the limit of one billion (1,000,000,000) rubles;

·         on lot No. 3: a nonrevolving credit line with the limit of one billion (1,000,000,000) rubles;

For the purpose of participation in the auction, one application from Savings Bank of Russia OJSC was submitted for each lot.

Savings Bank of Russia OJSC was recognized as an exclusive participant of the auction, so the auction was invalidated according to lots No. 1, 2 and 3.

According to the terms and conditions specified in the documentation of the auction, Sibirtelecom OJSC will enter into three agreements with Savings Bank of Russia OJSC on opening of nonrevolving credit lines with the initial (maximum) price of the agreement.

The attracted resources are planned to be used for financing of the investment program-2009 and for refinancing of current liabilities of Sibirtelecom OJSC. 

For reference (characteristics of the credit lines):

·       Nonrevolving credit line;

·       The amount of the credit line – 1billion rubles;

·       Duration of the credit line – 5 years;

·       Interest rate – 20% per annum;

·       Total of attracted lending resources – 3 billion rubles.