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Rostelecom (NYSE: ROS; RTS and MICEX: RTKM, RTKMp), Russia's national long-distance telecommunications operator, today announced that it has reached an agreement on direct financing and signed the first buyer's credit agreement with the Japan Bank for International Cooperation (JBIC) on financing the purchase of telecommunications equipment.
Rostelecom's Chief Financial Officer Vladimir Androsik commented, «This is the first direct credit that the Japan Bank for International Cooperation has ever granted to a Russian company without Russian government or bank guarantees. This decision reflects the growing international recognition of Rostelecom's financial strength and creditworthiness.»
As stated in JBIC's press-release, «Previously, JBIC provided loans for Russian corporations with guarantees attached by the Russian Russian government, and also bank-to-bank loans… in order to support Russian corporations buying Japanese exported plant and equipment. In this case, however, JBIC assumed the credit risk of the Russian corporation directly in financing the loan to Rostelecom…»
Within the framework of the agreement reached with JBIC on providing direct financing to Rostelecom, on March 26, 2004 in Japan, JBIC and Rostelecom signed the first buyer's credit agreement in the amount of USD 2.7 million to finance the modernization of Rostelecom's line from Tyumen to Surgut.
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Certain statements in this press-release are «forward-looking statements» within the meaning of the U.S. federal securities laws and are intended to be covered by the safe harbors created thereby.
These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements.
These risks include the risk of changes the Company's operations and business prospects, the general financial and economic circumstances, relating to regulation of the Russian telecommunications industry and the Russian legislation; the competition and other risks.
For a more detailed discussion of these and other factors, see the Company's Annual Report on Form 20-F for its most recently completed fiscal year and the Company's other public filings with The U. S. Securities and Exchange Commission. Many of these factors are beyond the Company's ability to control or predict. Given these and other uncertainties, the Company cautions not to place undue reliance on any of the forward-looking statements contained herein or otherwise.
The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable the U.S. federal securities laws. |
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