Telecoms giant OJSC Ukrtelecom has borrowed a $25-million loan from Kyiv-based JSC State Export-Import Bank (Ukreximbank).
As Ukrtelecom reported in the state procurement disclosure system, a loan agreement was signed by the sides on Feb. 25, 2011. The rate and lending period are not disclosed in the report.
While borrowing the funds, Ukrtelecom applied the one-bidder tender procedure; yet, the report provides no information about the validation of the application of such procedure.
Ukrtelecom was unable to disclose the detail of the lending in an interview with Interfax-Ukraine.
As reported, Ukrtelecom in 2010 saw its net loss fall by 43.9%, to Hr 258.77 million. Its net income was down by 1.7%, to Hr 6.749 billion.
The overall amount of the company’s liabilities by the end of 2010 was Hr 3.74 billion, which was 20% down on the end of 2009.
The telecoms giant’s debts to banks over the period under review shrank by 28.8%, to Hr 2.1 billion, while bond-related debts rose by 62.6%, to Hr 714.3 million.
In February, the telecoms operator reported about a pending issue of one more series (L-series) of bonds to the tune of Hr 250 million.
In 2011, Ukrtelecom has already faced the problem of heavy debt burden. In connection with Ukrtelecom’s future privatization, Credit Suisse First Boston and Deutsche Bank, which arranged a syndicated $500 million loan in 2005, demanded that the remaining debt worth $222.22 million be repaid ahead of schedule. Ukrtelecom held negotiations to return to the original debt payment schedule.
