Eurasian Development Bank Increased Credit Limit of Russian Towers up to 6 Billion Rubles
Moscow. 3 October. INTERFAX.
Eurasian Development Bank (EDB) has increased the credit limit for Russian Towers Group of Companies up to 6 billion rubles.
"The total amount of the loan support of Russian Towers on the part of EDB with an account to the previously opened line of credit will amount to around 6 billion rubles," Alexander Chub, the President of Russian Towers, advised Interfax.
According to him, Russian Towers received proposals from a number of Russian and foreign banks with regard to the provision of long-term loans "on attractive and competitive terms."
"Having estimated the achieved results, Russian Towers Group of Companies made a decision to continue the cooperation with the Eurasian Development Bank. In this regard, at present, standard procedures for the loan increase are ongoing, including the fulfillment of the security conditions," the top manager asserted.
As a security for the obligations towards the EBD, 100% of Russian Towers CJSC and Russian Towers LLC are pledged, according to the mentioned companies. The shares thereof are pledged since 2014 when the bank began to extend credit to Russian Towers.
As of February 2016, the amount of the credit line granted to Russian Towers by EBD amounted to 4 billion rubles. The mobilization of these resources was organized to finance the organic growth of the company and construct new towers,” the management asserted back then.
Besides, the company has never held back from the interest to increase the tower portfolio at the expense of M&A. Russian Towers were said to be the main challenger to buy towers from Vimpelcom PJSC, one of the first Russian telecommunications providers that put its tower infrastructure up for sale. It was expected that the transaction amount would be around $700 mln. However, the transaction that was to be made as early as in 2016 went off. In May 2017, Vimpelcom advised that it had not received any interesting offers from potential buyers.
Russian Towers was established in 2009 with the participation of UFG Asset Managеment, EBRD, Macquarie Russia & CIS Infrastructure Fund, ADM Capital, Sumitomo Corporation, and IFC. Russian Towers are in the process of constructing the antenna mast telecommunications infrastructure. It also purchases the facilities from the operators and concludes long-term agreements with clients with regard to the lease of towers with the purpose of the deployment of the operators’ equipment.
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