VimpelCom Group (VIP), a Dutch provider of telecommunications and digital services, announced Friday that it has successfully entered into a new multi-currency term and revolving facilities agreement or TL/RCF of up to $2.25 billion for VimpelCom Holdings B.V.
The TL/RCF will replace the existing $1.8 billion revolving credit facility signed in 2014. The term facility has a five-year tenor and the revolving credit facility has an initial tenor of three year. VIP Holdings hasthe right to request two one-year extensions to the tenor of the revolving credit facility, subject to lender consent.
Several international banks have committed to the TL/RCF in an aggregate amount of $2.108 billion. The TL/RCF includes an option to increase the amount of the facilities up to the full $2.25 billion amount, which would consist of a term facility of $562.5 million and a revolving credit facility of $1.69 billion.
VIP Holdings will have the option to make each drawdown under the facilities in either U.S. dollars or euros.
VimpelCom's Chief Financial Officer Andrew Davies said, "The agreement to enter into new multi-currency term and revolving facilities is part of VimpelCom's strategy to centralize and improve the structure of the Group's financing... . These new instruments support the Group's liquidity profile and provide the Group with greater financial flexibility."
by RTT Staff Writer
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