South West | Telecoms, media | Finance, business

Nordea Bank is to loan $99m to STC

17 Sep '09
South Telecommunications Company (STC) has announced Nordea Bank the winner of an open tender for a right to open a $99m line of credit.

The funds are reportedly to be loaned for three years at 14.6% interest.

The maximum interest rate at an auction was set at 16.5% (see Marchmont news of August 26, 2009).

Under plans, the funds are to be used to finance the company’s current operations.

Nordea Bank’s former name is Orgresbank.
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