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Articles & publications
25.05.2010
Rostelecom finds money for Svyazinvest: operator agrees with Sberbank to extend credit lines worth RUR 30 blnRBC daily, Elizaveta Sergina
Rostelecom is preparing to buy back a blocking stake in parent company Svyazinvest. For this purpose, the company is planning to raise a loan worth about RUR 30 bln. As RBC Daily learned, Sberbank was selected at tenders for extending credit lines to Rostelecom. The proceeds raised from the sale of the stake by the current owner of the blocking stake in the holding – AFK Sistema – to pay off its longstanding debt.
Yesterday, Rostelecom announced the results of a tender for non-revolving credit lines worth a total of RUR 30 bln, a source at Svyazinvest told RBC Daily. The winner of all the lots was Sberbank, he said.
This information was confirmed by a representative of Rostelecom, Oleg Rumyantsev. He went on to say that six lots were up for grabs at the tenders, with RUR 5 bln non-revolving credit lines. The first two lines will carry a term of three years, while the term for paying back two others will be two and a half years and two years for the other two will be two years.
The minimum interest rate offered by Sberbank for an individual line is 7.28%, while the maximum rate stands at 8.20%, Mr. Rumyanstev said. Thanks to the fact that the tenders included several separate lines, competition among banks was more flexible. As a result, Rostelecom managed to achieve convenient loan conditions”, Mr. Rumyantsev said.
Last autumn Prime Minister Vladimir Putin approved the structure of an asset exchange between the state and AFK Sistema. The transaction calls for AFK Sistema to hand over its 25% + 1 share stake in Svyazinvest (owned through Comstar) to the Vnesheconombank and a 50% equity stake in cellular operator Sky Link to Svyazinvest. The other 50% of Sky Link held by entities affiliated with Jeffery Galmond is to be bought back by a subsidiary of the company. In exchange, Comstar will see its RUR 26 bln debt to Sberbank written off (according to the plan these obligations were to be assigned to Vnesheconombank) and receive Svyazinvest’s 23.33% stake of common shares in MGTS. As a result, the state is to become the sole shareholder of Svyazinvest and Sky Link, whereas Sistema will receive full control over MGTS.
This transaction was supposed to be wrapped up by the end of February. However, eventually the discussion of details dragged on and some of its conditions were reviewed. Specifically, the decision was adopted that the stake in Svyazinvest would be bought back not by Vnesheconombank but by Rostelecom. The value of this equity position was estimated at RUR 26 bln. The plan is that Rostelecom will pay this amount to Sistema, while the latter in turn will use this amount to pay off its loan to Sberbank (AFK has a RUR 26 bln).
In order to finance the buyback transaction, Rostelecom planned to issue bonds, RBC Daily was told by a source at the company. However, at a later time it was decided to raise a loan, while bonds would be issued two years later to refinance the loan.
Gazprombank analyst Anna Kurbatova says that the rate proposed by Sberbank looks “very attractive”. She went on to say that the interest rates on loans raised recently by MTS operator have been considerably higher. “Not so long ago, the company agreed with the Bank of Moscow to attract a 3-year RUR 22 bln. The interest rate on this loan was 10.25%. Last September, when raising funds required to purchase Comstar, the company took out loans at rates of 10.95% and 11.75%”, Ms. Kurbatova said.
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