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VimpelCom Amsterdam gets $1.8 billion revolver, $500 million term loan
By Marisa Wong
Madison, Wis., April 8 - VimpelCom Ltd. announced it completed a new revolving credit facility of up to $1.8 billion for VimpelCom Amsterdam BV.
The three-year revolving credit facility will replace the existing $500 million revolver signed in 2011.
Currently, 11 banks have committed a total of $1.65 billion to the revolver.
The participating banks are Barclays Bank plc, BNP Paribas Fortis SA/NV, Citi, Credit Agricole CIB, Credit Suisse, Deutsche Bank, HSBC, ING, Intesa Sanpaolo, Raiffeisen Bank International / ZAO Raiffeisenbank and Societe Generale.
The facility contains an option to increase the amount by up to $150 million within six months from the date of signing.
The company also announced that it completed a new $500 million term facility for VimpelCom Amsterdam. This three-year term facility was entered into with Alfa-Bank.
Both credit facilities are unsecured and guaranteed by VimpelCom Holdings BV.
These credit facilities provide the company increased flexibility in managing its cash levels and will be used for general corporate purposes, according to a press release.
VimpelCom's chief financial officer Andrew Davies said in the release, "We are very pleased with the strong support we have received from our 11 major international relationship banks as well as from Alfa-Bank, showing clear support to VimpelCom and its businesses.
"These two new facilities substantially improve the liquidity profile and financial flexibility of the group and is a further step to centralize group financing at VimpelCom as part of our strategic value agenda."
VimpelCom is a telecommunications provider based in Amsterdam. Its predecessor was Moscow-based OJSC VimpelCom.
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