OREANDA-NEWS. On the 6th of November 2008 North-West Telecom successfully completed the deal of attracting a syndicated loan worth of USD 150 million in the international market of capital. The bookrunners of the syndicate were ING Bank N.V., Natixis and UniCredit. West LB AG joined the transaction as the lead arranger and Skandinaviska Enskilda Banken as an arranger.

This is an unsecured loan with the following terms: 
Interest rate: LIBOR +2.75%.
Loan period: 3 years.
Repayment: In equal quarterly installments, commencing 15 months after signing.

The funds will be used to refinance the short-term debt and investment programme needs.

In spite of the unprecedented market conditions, the amount of the transaction remained unchanged and the syndicated loan was closed for the entire amount. 

In her turn, Venera Khusnutdinova, Chief Financial officer of JSC North-West Telecom, commented on the closing of the deal as follows: "We are completely satisfied with the results of the agreement. The current financial crunch that has hit the international markets has not prevented JSC N.W. Telecom from attracting the syndicated loan on the pre-crisis terms beneficial for the Company. This has once again confirmed the positive reputation of JSC North-West Telecom as a borrower with a moderate debt level. The signing of the agreement will make it possible for JSC N.W. Telecom to maintain the high liquidity level of the Company and to fund the implementation of the investment programme in due time."