VEON opens two 45 bln rbl credit lines with Sberbank, Alfa-Bank

MOSCOW, Dec 24 (PRIME) -- Amsterdam-based VEON has opened two 5-year 45 billion ruble loans with Russian banks Sberbank and Alfa-Bank to be used for general corporate purposes, including financing of intercompany loans to VEON’s Russian mobile operator VimpelCom, working under the Beeline brand, VEON said on Friday in a statement.

“These new facilities show the continued good progress in our efforts to improve the group’s capital structure and extend the maturity of our debt portfolio,” VEON Chief Financial Officer Serkan Okandan said of the loans taken via its subsidiary VEON Finance Ireland Designated Activity Company

The 45 billion ruble Alfa Bank facility has a 5-year amortizing tenor with a 30 billion ruble fixed rate tranche and a 15 billion ruble floating rate tranche.

The 45 billion ruble Sberbank facility has a 5-year amortizing tenor and is fully floating.

(73.3583 rubles – U.S. $1)

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