OREANDA-NEWS. October 11, 2010. IDGC of North-West held an open-bid auction for the right to sign agreements for rendering financial services of opening revolving credit facilities with the effective duration of 5 years for a total of RUR 3.5 billion. RUR 2 billion of them are to be provided for a loan period of 1-3 years; RUR 1.5 billion – for 3 - 5 years.

JSC "Savings Bank of Russia" (Sberbank) and "Bank VTB North-West" (branch Operations Department-5) won in the auction. They offered the lowest credit rates. The auction was held under seven lots - RUR 650 million, RUR 600 million, RUR 550 million, RUR 500 million, RUR 450 million, RUR 400 million and RUR 350 million. The auction was recognized invalid as to one lot; nevertheless, an agreement will be concluded with the single participant of the order placement.

Four banks joined in the auction with their offers: JSC "Gazprombank", JSC Bank VTB North-West", JSC "NOTA-BANK", JSC "Savings Bank of Russia".
The loan proceeds are planned to be assigned for refinancing of the loan debts and updating of the current assets, including energy equipment repairing.