OJSC North-West Telecom summed up the results of the open tender for the right of making a general agreement of providing services of arranging a syndicated loan in the international market of capital . According to the results of evaluating and comparing the received applications, CJSC International Moscow Bank (MMB, or IMB) was announced the winner.

According to the tender documentation , a general agreement provides for borrowing a syndicated loan in two tranches with the total volume of 100 million   US dollars: tranche A (50 million US dollars with the credit repayment period of 3 years) and tranche B (50 million US dollars with the credit repayment period of 5 years).

Participant s of the financial market have shown a keen interest in the tender for arranging a syndicated loan .

Applications for participation in the tender have been received from 13 Russian and West European banks.

The winner, CJSC IMB, offered the best terms of financing: for tranche A – at the LIBOR rate +0.95%, for tranche B – at the LIBOR rate +1.25%.

The loan agreement is expected to be signed within 90 days. The attracted funds will be used for funding the investment programme and for refinancing the floating debt.  

Venera Khusnutdinova, Deputy General Manager in charge of Economics and Finance, said: "The results of the tender have shown that the participant s of the investment community appreciate the attractiveness of OJSC N.W. Telecom as a borrower and provide new reference points for evaluating the credit quality of the Company . This syndicated loan is another step in implementing the financial strategy of OJSC N.W.Telecom , the purpose of which is for the Company to use the instruments of the international financial market and to expand the circle of potential Investor s."  

About CJSC IMB

IMB is a Russian universal commercial bank with foreign participation, which is among the ten biggest bank institution s of the country Being a leader in the field of providing financial services among the leading banks of Russia, IMB is specializing in servicing corporate and private clients, corporate financing and treasury operations.

You can find more detailed information on IMB on the web site www.imb.ru in the Internet.