Ukraine's Astelit signs $390 million facility

By Reshmi Basu

New York, Feb. 8 - Ukrainian GSM mobile operator Astelit said it signed a $390 million long-term senior syndicated facility.

The facility carries a six-year tenor. Export Credit Agency will guarantee $270 million of the loan. Nokia Corp. and Ericsson Credit AB, the two major suppliers of Astelit's GSM network, will provide $30 million. The remaining $90 million will not be guaranteed.

Akbank T.A.S. and Turkiye Garanti Bankasi AS provided a $150 million six-year facility, which will be fully guaranteed by parent company Turkcell.

The cost of borrowing for the financing package ranges between Libor plus 150 basis points and Libor plus 450 bps.

ING Bank and Standard Bank of London arranged the facility.

Astelit is one of the four Ukrainian GSM mobile telephone network operators.

Turkcell and Ukrainian SCM Holdings own Astelit.

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