Credit Bank of Moscow raised a US$100 mln A/B structured syndicated loan

08.08.2008

08 August 2008, London (UK) – a US $100 mln A/B structured syndicated loan facility agreement was signed for Credit Bank of Moscow.

"This syndicated loan is the largest and the longest one over CBM’s presence in the international capital markets, and we are deeply satisfied with the terms of the transaction. The loan is also remarkable for being well received by the market and reaching a 67% oversubscription against the background of unfavorable situation in the financial markets," – says Mr. Roman Avdeev, CBM’s Chairman of the Board – President.

The European Bank for Reconstruction and Development acts as a lender of record in the transaction and grants a US$30 mln 3-year A loan. Mandated Lead Arrangers of the US$70 mln B loan are Commerzbank, Raiffeisen Zentralbank Osterreich, Unicredit and Wachovia.

The B loan was syndicated to 11 international banks and is split into an 18-month US$29.5 mln B1 tranche and a 12-month US$40.5 mln B2 tranche, both extendible, paying 2.30% and 2.00% respectively over LIBOR.

The proceeds will be used to finance the Bank’s export-import transactions and SME lending operations.