MegaFon borrowing up to USD640 million

20 Mar 2007

Russia’s third largest cellular operator by subscribers MegaFon is borrowing up to USD640 million from three of its subsidiaries to finance network expansion, equipment purchases and fund corporate operations. The parent company will borrow up to USD300 million from Mobicom-Kavkaz, which offers services in the Southern Federal District, up to USD200 million from Moscow-based Sonic Duo, and up to USD140 million from MSS-Povolzhie in the Volga Region, Prime Tass reports. All three units are wholly owned by MegaFon.

Russia, MegaFon