Ukrtelecom gets 3 month Deutsche Bank, Credit Suisse deferral

Ukrtelecom (UX: ULTM UK) announced in a statement yesterday that it secured a three month deferral on USD 41.7 mln due on its loan from Credit Suisse First, Deutsche Bank and Standard Bank. The relevant agreement was signed on February 26 and set the next scheduled payment for May 25. Ukrtelecom attributed the delay to its weakened financial position due to the crisis, hryvnya devaluation and the need to coordinate strategic objectives with the state. According to local media reports in mid-February, Ukrtelecom paid USD 13.9 mln of USD 55.6 mln due on February 25 and requested a deferral on the remaining balance by three months prior to that date. Ukrtelecom attracted the Credit Suisse First and Deutsche Bank loan of USD 500 mln in 2005.