MegaFon draws on USD276m from revolving credit facility

11 Dec 2014

RTT News reports that Russian telco MegaFon has drawn a RUB15 billion (USD276.1 million) tranche under its existing RUB30 billion revolving credit facility agreement with VTB Bank. The carrier intends to use the funds to finance its ongoing operations, in particular to provide ‘additional liquidity to mitigate forex devaluation risks for short-term, foreign currency denominated liabilities’. Gevork Vermishyan, chief financial officer at MegaFon, is quoted as saying: ‘This transaction underscores the high credit quality of MegaFon and is a proactive fundraising in anticipation of elevated key rate environment. We are very gratified, that, even in these volatile times we continue to enjoy strong access to financing on attractive terms.’

Russia, MegaFon