Ukrtelecom intends to postpone 75% of payments on credits raised from Credit Suisse First Boston (Switzerland) and Deutsche Bank (Germany).
Ukrainian News learned this from a letter of Heorhii Dzekon, the board chairman of Ukrtelecom, to the State Communications Administration.
According to the letter, Ukrtelecom plans to redeem USD 13.889 million of the principal debt on February 25 (25% of the required sum according to the credit agreement).
Ukrtelecom is in talks with the creditors to receive postponement of the payment of the remaining 75% of the sum of the principal debt. The sum of the redemption of the principal debt is USD 55.556 million.
The aim of the postponement is to avoid growth in more expensive short-term debt liabilities that will arise if the company redeems the credit in full for new loans.
The letter is dated February 18.
In August 2005, Credit Suisse First and Deutsche Bank gave Ukrtelecom a credit of USD 500 million.
As Ukrainian News earlier reported, Ukrtelecom, the largest telecommunications company in Ukraine, ended 2009 at losses of UAH 456.426 million. The company’s net revenues increased by UAH 225.202 million or 3.39% to UAH 6,870.931 million, compared with 2008.
Ukrtelecom has a 78.5% share of the fixed-line telephone market in Ukraine and provides services to 9.9 million subscribers.
