Vimpelcom secures loans

11 Mar 2009

Russia’s number two cellular operator Vimpelcom has secured two credit agreements with Sberbank. The first three-year loan, worth RUB8 billion (USD228 million), matures in December 2011, while another, worth USD250 million, is for four years and matures in December 2012. Both loans are secured by a pledge of telecom equipment, Vimpelcom says. The cellco intends to use the proceeds from the loans for refinancing of its existing indebtedness denominated in foreign currency and the development of its core business.

Russia, Beeline (Russia), VEON