Mobile TeleSystems pays down full $163.9 million of credit facility

By Sarah Lizee

Olympia, Wash., June 28 – Mobile TeleSystems PJSC announced the full early repayment of its $163.9 million 10-year dollar-denominated credit facility backed by EKN.

The facility, which was secured in 2014 to finance purchases by Mobile TeleSystems of Ericsson equipment and services, was facilitated by Citibank and the Swedish Export Credit Corp. with a total credit line of $300 million and amortized repayment schedule through 2024.

From the first drawdown date, the used amount was fully hedged (converted into rubles) through cross-currency interest rate swaps, according to a 6-K filing with the Securities and Exchange Commission.

“The full early repayment of the loan is in line with MTS’ strategy to optimize its debt portfolio by decreasing the average cost of debt and increasing its overall tenor,” the company said.

“The repayment is financed by the company’s cash on hand, as well as funds raised in 2019 via ruble-denominated bond issuances.”

Mobile TeleSystems is a telecommunications operator and digital services provider based in Moscow.

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