MegaFon secures USD500 million-plus for network expansion

13 Jun 2005

MegaFon, Russia’s third largest cellco, has secured USD541.5 million in loans as it seeks to expand its network and close the gap on rivals Mobile TeleSystems (MTS) and Vimpelcom. The operator has agreed a three-year USD220 million credit and a six-year USD321.5 million facility from a consortium of financiers led by Citibank and ING. The second loan is for equipment supplies from Finnish vendor Nokia and has been guaranteed by Finland’s credit export agency.

Russia, MegaFon