CREDIT BANK OF MOSCOW raises a record-setting amount by way of a new syndicated loan
28 March 2017 - CREDIT BANK OF MOSCOW signed a syndicated loan agreement for US$ 500 mln. It is the first such agreement for the Bank since March 2014 and its all-time largest syndicated deal, leaving behind all of the 13 previous transactions it had in more than 10 years.
"The deal spans various geographic locations, including Europe, North America and Asia, and involves both banks with long-term track record of relationship with the Bank and some new names alike. The minimal interest rate and substantial amount bear witness to the Bank being trusted as a prime borrower and to the Bank’s business being viewed favourably by the international banking community. The raised funds will be used to finance the general activities of the Bank and, in particular, the development of the corporate business", - noted Vladimir Chubar, Chairman of the Management Board of the Bank.
The Bank put together a diversified base of lenders from 11 countries of Europe, North America and Asia. The 364-day bullet-at-maturity transaction pays the lowest rate the Bank has ever had for similar financings. The loan will be utilised for general corporate purposes.
CITIBANK N.A., London Branch, OOO HSBC BANK (RR), ING BANK N.V., RAIFFEISEN BANK INTERNATIONAL AG, PJSC ROSBANK, COMMERZBANK AG and AO UNICREDIT BANK acted as Mandated Lead Arrangers and Bookrunners. They were joined by ICBC (Joint-Stock Company), HARBIN BANK CO., LTD. and J.P. MORGAN LIMITED as Lead Arrangers, and CREDIT SUISSE (SWITZERLAND) LTD. and LANDESBANK BADEN-WÜRTTEMBERG as Arrangers.
ING BANK N.V. acted as Coordinator and Documentation Agent and ING BANK N.V., London Branch will be acting as Facility Agent.