The Russian cable operator ER Telecom has secured a six-year loan of R6.5 billion (€167.1 million) from Sberbank.
In a statement, the company says it represents the second stage of raising debt financing totalling R12.5 billion required to implement its ‘Leadership Strategy’, announced in early 2010.
The loans have been used to rapidly develop ER Telecom, which since 2009 has expanded its activities from 17 to 42 cities.
At the same time, its average revenues have grown by 44% each year and a total of over 117% over the last five years.
ER Telecom now aims to triple its revenues between 2011-15 and to by 2015 have over 8.6 million subscribers, with a 20% share of both the broadband and cable TV markets in Russia.
