Russia's Mobile TeleSystems (MTS) cellular operator intends to borrow additionally through the pending issue of up to USD 400,000 worth of unsecured Eurobonds. According to the company's press service, the eurobonds will be issued through the Luxembourg-based Mobile TeleSystems Finance S.A. company, a 100% MTS-owned subsidiary. The proceeds will be used for the overall business development, including purchasing cellular communications operators in Russia and the CIS.
Outside of the US, the eurobonds will be sold through off-shore transactions governed by the Regulation S of the U.S. Securities Act. In the US, they will be placed on markets by what's been referred to as 'a qualified institutional investor', according to Rule 144A of the same legislative act.
The Mobile TeleSystems is one of Russia's cellular communications operators with over 6.7 million customers. MTS and its subsidiaries are licensed to provide services under the GSM 900/1800 standard in Russia's 56 regions. At this time, the company's network covers 48 regions in the Central (including Moscow and the Moscow Region), Northwestern (including St. Petersburg and the Leningrad Region), Southern, Privolzhsky, Urals, Siberian, and Far Eastern Federal Districts. The principal stockholders of the company are the Sistema joint-stock financial corporation of Russia and the Deutsche Telecom of Germany.
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