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.