VimpelCom has entered an agreement to secure a credit facility worth $6.5 billion, Bloomberg reports. Half of the loan will be raised in term debt denominated in rubles and the balance in a dollar-denominated bridge piece.
The Russian mobile phone operator will use about $5 billion of the loan to acquire Naguib Sawiris’ phone assets and the remaining to refinance debt of Egypt’s Orascom Telecom Holding. The bridge loan will be provided by Barclays Capital, BNP Paribas, Citigroup, HSBC Holdings, ING Groep and Royal Bank of Scotland.
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