Corporate Communications

VTB Capital plc announces completion of the auction as part the sale process of InterV Investment Sarl, the Luxemburg holding company of Bulgarian Telecommunications Co EAD

20 November 2015
VTB Capital plc has today announced that it has successfully completed the auction as part of the sale process of InterV Investment Sarl (InterV). The completion of the sales process follows the payment default approximately six months ago under the EUR 150,000,000 bridge financing loan made to InterV, the issuance of several consecutive standstill notices and preparation and implementation of the sale process by the Security Agent (VTB Capital plc) and its advisors. The financing was secured via a Luxembourg share pledge over 100% of the shares of InterV.

The winning price of EUR 330m represents a significant premium for shareholders over and above the full loan recovery value.

In August, an auction sales process of the pledged shares commenced with the appointment of a Big 4 advisory firm to ensure an open and competitive process. Sell side documentation was produced and a data room was established. Commencing in late August, dozens of potentially interested parties were contacted and a significant number executed non-disclosure agreements and were granted access to the relevant information. During the ensuing three months, a competitive sell side process was progressed with interested parties submitting purchase offers for the shares in InterV.

The process culminated this week with a competitive auction between qualifying bidders. The auction lasted for more than 12 hours and included in excess of 25 rounds of intensive competitive bidding.
Completion of the sale with the winning bidder is subject to the signing of legal documentation.
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Natalia Cherepova

VTB Capital

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