OREANDA-NEWS. June 04, 2010. OJSC VolgaTelecom has summarized the results of public auction of selecting a financial institution for concluding the contract of establishing a nonrevolving credit line.

The auction was invited on April 19, 2010 and comprised 2 lots. Six banks submitted their bids: OJSC TransCreditBank, LLC Barclays Bank, RF Sberbank, OJSC JSCB Svyaz-Bank, OJSC VTB Bank and OJSC ALPHA-BANK.

By the decision of the tender committee the two lots were awarded to OJSC JSCB Svyaz-Bank, its interest rate was the lowest.

As per terms and conditions of the auction OJSC JSCB Svyaz-Bank will establish two nonrevolving credit lines of the total amount of RUB 2 billion for 36 months to VolgaTelecom.

Basically, the obtained funds will be allocated for the financing of investment program and the recovery of earlier incurred charges within the framework of investment program realization.