Rus News Journal

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