MTS to Purchase Up to $300 Million Worth of Ericsson LTE Kit
Published on: 12th Mar 2014
Russia's Mobile TeleSystems (MTS) has secured a USD300 million export guarantee to fund the purchase of Ericsson network equipment.
The credit facility has been arranged with Citibank and the Swedish Export Credit Corporation (SEK), and is supported by Sweden's Exportkreditnamnden (EKN).
MTS said that the amounts may be drawn by the Company over the next 12 months and will be linked to equipment purchases for the development of MTS's LTE networks.
Both Citibank and SEK acted as Original Lenders.
Alexey Kornya, Vice President, Finance and Investments, and CFO of MTS, commented, "We are pleased to add another chapter to our long-term partnership with Ericsson, EKN, SEK and Citibank through the conclusion of this credit facility. Our on-going cooperation with Ericsson, coupled with the support of EKN, gives us valuable resources to further develop our market-leading voice and data networks in Russia."