Altimo snags USD3.2bn loan from Sberbank

25 Apr 2013

Russia’s Altimo Group has secured a USD3.24 billion loan from the country’s biggest lender Sberbank, Dow Jones Newswires reports, some of which will be used to pay for a share conversion of Vimpelcom Group’s stock. The development was disclosed in a US Security and Exchange Commission (SEC) filing this week. Previously, in December 2012 Altimo announced its plans to convert 128.5 million convertible preferred shares at a ratio of one preferred share for one common share, to boost its economic stake in the Amsterdam-based telecoms group. Consequently, Altimo’s economic interest in Vimpelcom increased to 56.2% from 52.7%, while its voting stake remained unchanged at 47.9%. Part of Altimo’s stake in Vimpelcom will be used as collateral for the loan; the SEC filing did not indicate what the remainder of the loan would be used for.

Russia, Altimo (part of the Alfa Group), VEON