Ukrtelecom repays tranche of syndicated loan
February 28, 2011 Interfax-Ukraine (translated by Cbonds)
On February 25 Ukrtelecom repaid about $56m of a a $500m syndicated loan extended in 2005 by International banks Credit Suisse First Boston (CSFB) and Deutsche Bank (DB).
Earlier the lenders asked Ukrtelecom to repay outstanding $222.2m of the loan. The banks’ decision was caused by the upcoming change of the borrower’s ownership. Initially the banks demanded repayment on January 17, but then they agreed to a delay, so the first tranche amounting to $56m was to be repaid on February 25 and the remaining part is due May 25.
Last week Credit Suisse First Boston (CSFB) and Deutsche Bank (DB) called back their requirement to have the loan repaid early in case of a due repayment of the next tranche.
The $500m syndicated loan has a 7-year tenor and amortizes by $56m every 6 months.
Company — Ukrtelecom
Full nameUkrtelecom OJSC