OREANDA-NEWS. On 04 May 2008 was announced, that OJSC VolgaTelecom has summarized the results of open tender of selecting a credit institution to render financial services of concluding a contract of credit extension. VolgaTelecom invited the tender on March 17, 2008. Two credit institutions has filed their bids: Commercial Joint Stock Bank “Bank Societe General Vostok” (Closed Joint Stock Company) (lot №3) and Closed Joint Stock Company “UniCredit Bank” (earlier – CJSC “International Moscow’s Bank”) (lots №№ 1,2,3).

In accordance with the requirements of legislation and terms and conditions of tender documentation it is planned to conclude the contract of credit extension with CJSC "UniCredit Bank” on the following terms and conditions:

- Lot № 1 - nonrevolving credit line with the credit ceiling of RUR 600 000 000 for the period of 18 months at the rate of 1-month MOSPRIME + 2,75% per annum;

- Lot № 2 - nonrevolving credit line with the credit ceiling of RUR 550 000 000 for the period of 24 months at the rate of 1-month MOSPRIME + 2,80% per annum;

- Lot № 3 - nonrevolving credit line with the credit ceiling of RUR 500 000 000 for the period of 36 months at the rate of 1-month MOSPRIME + 2,95% per annum.

The bank does not charge extra commission. The funds will be allocated for financing VolgaTelecom’s day-to-day operations and investments. VolgaTelecom uses floating interest rate on long-term borrowings for the first time.