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RBC, 10.07.2012. Russia's incumbent telecommunications operator Rostelecom intends to contract two non-revolving four-year credit lines worth 7 billion rubles (approx. $212.19 million) each, according to a statement released by the company. The proceeds will go towards financing the operator's operating and investment activities, as well as refinancing its current liabilities.
Earlier, Rostelecom had contracted a three-year and a five-year loan worth 60 billion rubles (approx. $1.82bn) with state-owned Sberbank to finance current operations, investment programs, and refinance current liabilities. The operator also tapped 16.5 billion rubles (approx. $500.15 million) worth of loans from Alfa Bank and Nordea Bank in 2012, as well as a 15 billion rubles (approx. $454.68 million) credit line from state-owned VTB in February 2012.
Rostelecom's net debt climbed 27% year-on-year to 152.36 billion rubles (approx. $4.62 billion) as of December 31, 2011, and net debt/OIBDA ratio rose to 1.3x, up from 1.1x in the year-earlier period.