SITRONICS Refinances US$ 230 Million Loan with Bank of Moscow
JSC Sitronics
SITRONICS REFINANCES US$ 230 MILLION LOAN
WITH BANK OF
MOSCOW
MOSCOW, Russia – November 30, 2009 – JSC SITRONICS (SITRONICS or
the “Group”) (LSE: SITR), a leading provider of telecommunications,
information technology and microelectronic solutions in Russia and the
CIS, with a growing presence in other EEMEA emerging markets, today
announced that it has signed a US$ 230 million two-year loan agreement
with the Bank of Moscow group of companies, one of the top 5 banks in
Russia.
The structure of the deal provides for an issue of loan participation
notes (LPNs) through Golden Gates B.V, with the Bank of Moscow acting as
the Arranger and Agent. Under the terms of this 2 year agreement, LPNs
can be distributed to investors in the future.
The new credit facility will be used to refinance the loan provided by
the State Corporation “Bank for Development and Foreign Economic
Affairs” (Vnesheconombank) on November 28, 2008.
Marina Zabolotneva, Chief Financial Officer and First Vice President for
Finance and Investments of SITRONICS, commented: “The long-term loan
from the Bank of Moscow has been secured on attractive market terms. We
are committed to replacing our short-term debt liabilities with
long-term loans in line with our financial strategy, and we look forward
to strengthening our partnership with the Bank of Moscow going forward.”
Andrei Germanov, Vice President of the Bank of Moscow, added: “This
agreement is a good example of providing finance for Russian companies
at favourable terms. We highly value SITRONICS’s strong competitive
position in the market of innovative technologies and its excellent
prospects of co-operation with state corporations.”
***
For further information, please visit www.sitronics.com
or contact:
|
Corporate Communications
Irina Lanina
Vice PresidentVice President
Tel: +7 495 225 0030Tel: +7 495 225 0030
lanina@sitronics.com
|
|
|
Shared Value Limited
Matthew HooperMatthew Hooper
Tel: +44 (0) 20 7321 5010
sitronics@sharedvalue.net
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SITRONICS is a leading provider of telecommunication solutions,
including software, equipment and systems integration, IT solutions and
microelectronic solutions in Russia and the Commonwealth of Independent
States with a strong presence in Central and Eastern Europe and a
growing presence in the Middle East and Africa.
SITRONICS serves over 3,500 clients, maintains offices in 32 countries
and exports its products and services to more than 60 countries.
SITRONICS’ key Telecommunication Solutions operations are based in
Prague, Czech Republic and Athens, Greece, while the company’s IT
Solutions and Microelectronics divisions are based in Kiev, Ukraine and
Zelenograd, Russia respectively.
SITRONICS generated revenues of US$ 404.0 million for the six months
ended June 30, 2009 and had total assets of US$ 1,844.8 million
at the end of the period. SITRONICS is majority owned by Sistema, the
largest public diversified corporation in Russia and the CIS, which
manages fast growing companies operating in the consumer services sector.
SITRONICS has developed strategic alliances in its home markets with
Cisco Systems, STMicroelectronics, Infineon and Giesecke & Devrient in
relation to certain products and services. SITRONICS has vendor
relationships with Siemens, Ericsson, Motorola, ORACLE, Intel, Sun
Microsystems and Microsoft. Key customers include Sistema group
companies, such as MTS, Comstar-UTS, and also OTE, Cosmote, Vodafone,
Ericsson, Arcelor Mittal (former Mittal Steel) and TCL.
Some of the information in this press release may contain projections
or other forward-looking statements regarding future events or the
future financial performance of SITRONICS. You can identify
forward-looking statements by terms such as "expect," "believe,"
"anticipate," "estimate," "intend," "will," "could," "may" or "might"
the negative of such terms or other expressions. These statements are
only predictions and actual events or results may differ materially. We
do not intend to or undertake any obligation to update these statements
to reflect events and circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events. Many factors could
cause the actual results to differ materially from those contained in
our projections or forward-looking statements, including, among others,
general economic conditions, our competitive environment, risks
associated with operating in Russia, rapid technological and market
change in our industries, and other factors specifically related to
SITRONICS and its operations.
