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MTS mulls early repayment of syndicated loan
RBC, 08.02.2010, Moscow 11:17:42.Mobile TeleSystems (MTS) is planning an early repayment of its syndicated loan worth about $690m. The mobile operator has already submitted a letter to this effect to the banks that acted as organizers of the loan, the RBC Daily newspaper reported today citing a source close to the company. MTS's press secretary Irina Osadchaya has confirmed the company's intention to pay off the debt ahead of schedule. The loan was taken out in May-July 2009, and the repayment may take place before the end of the month. The three-year syndicated loan was taken out in two tranches, and the interest rate was LIBOR/EURIBOR plus 6.5 percent. Bank of America, BNP Paribas, Credit Suisse, UniCredit Group, and ING Bank acted as organizers of the syndication. "The repayment of MTS's debt is carried out in accordance with its debt management policy. The company seeks to increase the share of ruble-denominated liabilities in its loan portfolio," Osadchaya explained.
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