OREANDA-NEWS. On 13 February 2009 VolgaTelecom (VT) announced the results of public tenders to select a financial organization to stipulate a contract on extending a revolving credit line.

There were two contenders involved in the auction for the first lot (a contract to extend a loan with a limit of Rub 300 mln in 18-month tranches up to 30 calendar days): Interregional Commercial Bank for the Development of Telecommunications and Data Processing (an open joint stock company) and Sberbank of the Russia Federation (an open joint stock company).  The winner of the tender was declared to be Interregional Commercial Bank for the Development of Telecommunications and Data Processing, which was the first to offer the contractual price of 14.57%, while the minimum starting price was 15.5%.

As regards the second lot (a contract for a revolving credit line with a limit of Rub 500 mln for a term of 18 months in tranches up to 120 calendar days) VolgaTelecom will stipulate a contract with the sole contender which applied for the auction for this lot - Sberbank of the Russia Federation.  Upon review of the application the Tender Committee found that the application complies with the legislative requirements and tender documentation.

The proceeds raised from the tenders will be used to replenish the working and non-current resources of VolgaTelecom.

The public tenders were announced on December 30, 2008 and the deadline to apply for application in the tenders was January 29, 2009.

For more details on the tenders, see http://www.vt.ru/13025.