The Project will allow ZAO Prestige Internet (the company), a wholly owned subsidiary of Enforta B.V., to finance the ongoing expansion of its wireless broadband services in regional centres throughout the Russian Federation.
The proposed project will
* enable the company to enhance its competitive position through the development and expansion of internet broadband, virtual private network and telephony services
* facilitate the use of pre-WIMAX and WIMAX technology to provide rapid connections to customers who have had limited or no access to the internet
* contribute to market expansion through introduction of new products based on wireless broadband solutions
* further fuel deployment of broadband internet, which has lagged in Russia due to the antiquated local telecoms infrastructure
* stimulate competition in Moscow and St Petersburg where the sector is dominated by fixed line incumbent operators thanks to good DSL infrastructure.
The Enforta Group, sponsored by the Sumitomo Corporation, private equity funds managed by Barings Vostok Capital Partners and private equity funds managed by Bessemer Venture Partners, is one of the largest wireless broadband Internet service provider in the Russian Federation.
EBRD finance: Senior unsecured loan of USD10 million, or its RUB equivalent.
Parallel loan of up to USD10 million, or its RUB equivalent, to be arranged by a commercial bank.
Total project cost: USD20 million, or its RUB equivalent. |
