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Vneshtorgbank received a US$240 000 000 syndicated loan

 
28 November 2002

A group of foreign banks has extended to Vneshtorgbank a syndicated loan of US$ 240 000 000. The arrangers of the syndication, which comprises over 30 banks, were major world financial institutions - Citibank NA and Deutsche Bank AG.

Allan Hirst (Citybank, left) and Andrey Kostin (Vneshtorgbank) at the signing ceremony

Due to a considerable interest shown by western banks to this syndication the initial loan of US$100 000 000 has been significantly increased to reach a combinedount of US$240 000 000, including US$128 000 000 extended for a one-year term (which may be prolonged for another one year period) at the annual LIBOR+2,5% rate; and the other US$112 000 000 was extended for 18 months (which may be prolonged for up to a two-year term) at the annual LIBOR+2,65% rate.

Vneshtorgbank will use this loan to increase the funding of trade operations of its Russian customers.

This loan is the largest syndicated loan ever extended to a Russian bank throughout the Russian banking sector history; it is the first unsecured loan provided after the 1998 financial crisis for a term exceeding one year, which has been provided by a foreign investor group to a Russian bank.

Left to right - Allan Hirst, Citybank, Andrey Kostin, Vneshtorgbank, Olga Avdeeva, Vneshtorgbank, Joerg Bongartz, Deutsche Bank

A successful implementation of this project provides still another illustration of an increasingly growing trust on the part of western financial community to Vneshtorgbank. The most important projects implemented by Vneshtorgbank in international capital markets include the obtaining of a US$120 000 000 syndicated loan and placement of the Bank`s debt instruments, namely, Floating Rate Notesounting to US$200 000 000 (1997). Despite the 1998 crisis, Vneshtorgbank has fully and timely executed its liabilities on these operations, which has won it the trust of foreign investors.

The list of the syndication participants

Mandated Arrangers

1. Deutsche Bank AG London
2. Citibank, N.A. London

Lead Arrangers

3. Bank of Tokyo Mitsubishi
4. DePfa
5. Donau Bank
6. HVB
7. Bank Austria (вместе с HVB)
8. IMB
9. ING Barings
10. RZB

Co-Arrangers

11. HSBC
12. LB Schleswig-Holstein
13. Natexis

Lead Managers

14. ABNRO
15.ex
16. BNP Paribas
17. Commerzbank
18. Dresdner Bank
19. DZ Bank
20. Erste Bank
21. Piraeus Bank
22. Rabobank
23. WGZ Bank

Managers

24. Bankgesellaschaft Berlin
25. Bank Hapoalim
26. BRE Bank
27. Commercial Bank of Greece
28. Garanti Bank
29. Landesbank Baden-Wuerttemberg
30. National City Bank
31. Zivnostenska Banka

Participants

32. Monte dei Paschi


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