Russia's Mobile TeleSystem signs $1.33 billion loan

By Reshmi Basu

New York, April 24 - Mobile phone operator Mobile TeleSystem said it has signed a $1.33 billion syndicated loan.

The loan is split into two tranches. The first tranche is a $630 million three-year loan, which was set at an interest rate of Libor plus 80 basis points.

The second tranche is a five-year loan of up to $700 million. It will carry interest at Libor plus 100 basis points for the first three years and then at Libor plus 115 basis points for the remaining two years.

The loan will be used to refinance the company's debt, including a $420 million syndicated loan, and for corporate needs, according to a press release.

The lead arrangers are The Bank of Tokyo-Mitsubishi UFJ Ltd., Bayerische Landesbank, HSBC Bank plc, ING Bank NV, Raiffeisen Zentralbank Oesterreich AG and Sumitomo Mitsui Banking Corp. Europe Ltd.

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