MTS, Russia’s major telecom provider, has signed an agreement with Sberbank of Russia to open a non-revolving line of credit for a total amount of RUR 50 billion and improved the terms of an existing credit agreement worth RUR 20 billion, according to an official statement.

      “MTS opened a non-revolving line of credit with Sberbank of Russia in the amount of RUR 50 billion with a maturity in September 2021. The funds will be used for general corporate needs. The Company has also amended the terms of the credit agreement originally signed with Sberbank of Russia in April 2014 by extending the final maturity of the facility from July 2015 to September 2017,” reads the press release.

      “We are pleased to announce the signing of the new agreements with our long-standing partner Sberbank. The size and the terms of the agreements concluded in the challenging market environment showcase MTS’s sound financial position and the strength of our relationship with Sberbank,” said Alexey Kornya, Vice President and Chief Financial Officer of MTS.