CREDIT BANK OF MOSCOW signs syndicated loan facility for up to USD 500 million
26.03.2014
CREDIT BANK OF MOSCOW (CBM) has become the first Russian financial institution to sign a syndicated loan agreement in 2014, putting in place a facility for up to USD 500 million with a group of 17 high-quality lenders from 11 countries across Europe, North America and Asia.
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CBM has an excellent track record in global capital markets, and the support that this transaction received once again highlights the recognition and trust that we have consistently enjoyed from the international banking community. We are also pleased that our borrower profile continues to improve, as reflected in lower costs of borrowing and longer tenors.
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– said CBM CEO Vladimir Chubar |
The facility was oversubscribed, and is the largest in CBM’s history, which includes 12 previously closed syndicated loan transactions over more than 10 years. CBM intends to use the facility for trade-related purposes.
The facility has tenors of 364 days and 18 months, and carries interest rates of 6m LIBOR/EURIBOR + 1.75% p.a. (364-day tenor) and 6-m LIBOR/EURIBOR + 1.95% p.a. (18-month tenor).
Commerzbank Aktiengesellschaft, HSBC Bank (RR) (Limited Liability Company), ING Bank N.V., Raiffeisen Bank International AG, JSCB “ROSBANK” (Open joint-stock company), Sberbank CIB (on the basis of Sberbank of Russia) and VTB Bank (Deutschland) AG acted as Mandated Lead Arrangers and Bookrunners. They were joined by Citi, ICBC (Moscow) and ZAO UniCredit Bank as Lead Arrangers; and by BayernLB, CREDIT EUROPE BANK N.V., Intesa Sanpaolo Bank Ireland Plc, KBC Bank NV, Morgan Stanley, Oberbank AG and UBI Banca International S.A. as Arrangers.
Commerzbank Aktiengesellschaft together with ING Bank N.V. acted as Joint Coordinators under the Facility.