Ukrtelecom repays Credit Suisse First Boston, Deutsch Bank loan; dismisses CEO
20 October 2011
Ukrtelecom (UX: UTLM UK, BUY) repaid its last USD 111.11 mln tranche of a USD 500 mln credit from Credit Suisse First Boston and Deutsche Bank ahead of schedule on October 14, the company announced in a press release yesterday. The USD 500 mln loan was granted in 2005 and was due to be repaid on August 24, 2012. In a separate announcement, Epic, the owner of 92.79% of Ukrtelecom, said it dismissed Georgiy Dzekon as Ukrtelecom’s CEO and offered him a position on the company’s supervisory board. The company has begun a search for a replacement. Epic privatized its stake in the company in February 2011.
