OREANDA-NEWS. August 2, 2010. OJSC Volga-Telecom has completed itsopen tender to select a financial organization to enter into an agreement for non-revolving lines of credit.

The tender was announced on June 15, 2010 and included four lots for the total amount of RUB 3.8 billion. Bids were submitted by three banks: Savings Bank of the Russian Federation (Sberbank of Russia), ALFA-BANK OJSC and AKB Svyaz-Bank OJSC.

All lots were awarded to Sberbank of Russia that offered the lowest interest rates.

According to the conditions of the tender Sberbank of Russian will open four non-revolving lines of credit for OJSC VolgaTelecom for a period of 36 to 60 months with interest rates varying from 7.988% (per annum) to 8,325% (per annum).

The borrowed funds will be used to finance the investment program, to acquire interest/shares in authorized capitals of third parties and to refinance current liabilities.