OREANDA-NEWS. December 25, 2014. VTB Bank has opened a five-year non-revolving credit line for one of Russia’s biggest telecom operators, TransTeleCom (TTK), with a limit of RUB 3 billion.

The company plans to use the money to refinance its previous loans, due in 2015.

“TransTeleCom strongly holds a strong position on the relatively stable telecommunications market today, something we value in a borrower,” First Deputy President and Chairman of the VTB Bank Management Board Yuri Soloviev said. “We also have longstanding experience working with this company and definitely see it as a reliable client and partner.”

“Next year we plan to refinance part of our debt with the new credit line to be able to keep a comfortable debt-to-EBITDA ratio, and to allocate the necessary amounts to continue our ongoing investment projects,” said Vyacheslav Sotnik, first vice president for economics and finance at TTK. “This should also relieve our debt servicing burden, given the rapidly growing loan interest rates,” he added.