"VimpelCom Ltd."(NASDAQ: VIP) announced today that it has successfully completed a new revolving credit facility ("RCF") of up to USD 1.8 billion for VimpelCom Amsterdam B.V. ("VIP Amsterdam"). The RCF has a three-year tenor and will replace the existing USD 500 million RCF signed in 2011. Currently 11 banks have committed to the RCF in the aggregate amount of USD 1.65 billion. The RCF contains an option to increase the amount of the facility by up to USD 150 million within 6 months from the date of the signing. The Company also announced that it has successfully completed a new term facility of USD 0.5 billion for VIP Amsterdam. This three-year term facility was entered into with Alfa-Bank. Both credit facilities are unsecured and guaranteed by VimpelCom Holdings B.V.
These credit facilities provide the Company increased flexibility in managing its cash levels and will be used for general corporate purposes.
VimpelCom's Chief Financial Officer Andrew Davies commented: "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."
The 11 international relationship banks in the RCF 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.
Source: PRNewsWire
These credit facilities provide the Company increased flexibility in managing its cash levels and will be used for general corporate purposes.
VimpelCom's Chief Financial Officer Andrew Davies commented: "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."
The 11 international relationship banks in the RCF 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.
Source: PRNewsWire
