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Comstar Receives $150 mln First Russian Syndicated Loan |
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On February 21, 2006 OJSC Comstar United Telesystems successfully signed a USD 150 million club loan facility. The following banks acted as Mandated Lead Arrangers: ABN AMRO, ING Wholesale Banking, BA-CA / International Moscow Bank and Standard Bank Plc. ING Wholesale Banking also acted as Coordinator of the facility.
The 364-day loan, paying LIBOR plus 1.4% interest, will be used by the company to fund its CAPEX and expansion programme.
The deal represents the first large transaction for OJSC Comstar in the loan market. It also illustrates the continued progression of the syndicated market in Russia by being one of the first to close under Russian law, with facility documentation in Russian. Allen and Overy Legal Services acted as a legal advisor to the lenders.
Earlier in February 2006, Comstar UTS held an Initial Public Share Offering, raising USD 1.06 billion. This was one of the largest London listings by a Russian company and second only to the USD 1.56 billion raised by Comstar’s parent, Sistema in 2005.
Comstar UTS is a leading provider of integrated communications services in Moscow and the Moscow region in terms of revenues and subscribers and also offers communications services in other regions of Russia and the Commonwealth of Independent States. Comstar UTS had over 4 million subscribers at September 30, 2005. The Company offers voice, data and Internet, pay-TV and various value-added services to corporate, operator and residential subscribers, using its alternative and traditional fixed-line networks. Comstar UTS had combined operating revenues of USD 636.8 million for the first nine months of 2005 and its assets totalled USD 1.56 billion as at September 30, 2005. The Company’s ordinary shares are listed on the Moscow Stock Exchange and on the London Stock Exchange under the symbol "CMST".
Press enquiries: Maria Teplukhina, ING Bank (Eurasia) ZAO, +7 495 755 5170 Maria.Teplukhina@ingbank.com
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