Christmas gift to Yevtushenkov
“ Svyazinvest “ will pay off debts “ Skye of the Link “ on 600 million dollars
One of the largest transactions in the telecommunication industry - an exchange of actives between AFK “ System “ and the state - approaches to the logic end. Participants of the transaction have definitively co-ordinated all terms of the exchange of actives. As it became known daily, AFK “ System “ will not redeem the remained 50 % “ Skye of the Link “ at “ Scales the Capital “ for transfer of this package “ to Svyazinvest “. It will make itself “ Skye the Link “ which then entirely together with debts will pass “ to Svyazinvest “. Becoming the owner of 50 % of own actions, the company also undertakes to pay off within seven years with debts in 350 million dollars before the former shareholders.
“ Skye the Link “ will redeem 50 % of own actions at “ Scales the Capital “ (Belongs to fund Dzhefri Galmonda), have told daily two sources familiar with a course of negotiations. Thus the company will not pay off with “ Scale the Capital “ a cash, and will let out some tranches of bills. “ the tranche intended for payment of debts, will be the first, and its sum will make about 350 million “ - tells one of sources. The general debt “ Skye of the Link “ - 600 million dollars, and its other part will be “ it is without fail restructured “.
the Company also intends to pay off on debts before the former shareholders. Payment will be gradually carried out - within seven years, tell the sources close to AFK “ System “. As they said, the mentioned seven years provide “ two-year vacation “ after the transaction announcement. “ thus, “ Svyazinvest “ Will actually have an opportunity to delay payment under promissory notes and will decently save “ - one of interlocutors daily speaks. The guarantor under securities which will let out “ Skye the Link “ will be “ Rostelecom “.
Official representatives “ Svyazinvest “ on this information do not make comments. “ negotiating process under the transaction as a whole is not finished yet, we now work over it “ - has informed the director of a complex of corporate communications AFK “ System “ Irina Potekhin. The source in the working group participating in negotiating process, says that a variant on release of bills only one of possibilities which consider “ Svyazinvest “ and AFK “ System “.
Earlier there were some scenarios of an exchange of actives between the state and Vladimir Yevtushenkov. One of them provided what to redeem 50 % “ Skye of the Link “ at “ Scales the Capital “ For transfer to their state holding will be “ System “. Experts consider that last scenario accepted by both parties, does an exchange quite equivalent. For “ Svyazinvest “ it will be favourable if not from the financial point of view, from the strategic.
the chief of the department of corporate finance IK “ finam “ Alexey Kurasov says that 23,3 % of actions of MGTS (them “ Svyazinvest “ will transfer “ to Comstar “ in exchange for a package of the actions) stand now about 260 million dollars “ While only the first tranche of bills which will let out “ Skye the Link “ will make 350 million dollars “ - he marks. The fair price of such package of MGTS makes 400-420 million dollars, and AFK, taking into account interest in the repayment of its share in “ Svyazinvest “ can offer also awards.
a special intrigue participation in it gives to the transaction Dzhefri Galmonda. It can receive 100-150 million dollars from “ Svyazinvest “ for a share “ Scales the Capital “ in “ Skye the Link “. According to an analyst of Gazprombank of Anna Kurbatovoj, “ Svyazinvest “ will easily go on these expenditure. “ the company gets access to the Moscow market of cellular communication and million user`s base that has global value in respect of development prospects “ - the analyst speaks.
ELIZABETH SERGINA, ANTON BURSAK, ALEKSENDR DEMENTYEV