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Vneshtorgbank raised a US$275 million syndicated loan

 
22 July 2004

On 25 June 2004 Vneshtorgbank raised a US$275 million syndicated loan facility. The syndication was arranged by Citibank, N.А., London and HSBC Bank Plc. Nearly 40 banks from 20 countries participated in the deal.

This transaction specifically targeted Middle and Far Eastern banks.

Due to a great interest that banks had been showing in this transaction, the initial US$75 millionount was eventually increased more than threefold. 27 banks from 12 Asian countries took part in this syndication bringing in more than 75% of the finalount.ong the participants are banks that are regular players in the Russian market, as well as those that have provided a loan to a Russian borrower for the first time.

The facility is provided for one year (with extension option for another year) at the rate of LIBOR+1.4% p.a.

The funds raised will be used by Vneshtorgbank for the financing of its customers` transactions and for corporate development.

The successful implementation of the deal has become another evidence of Vneshtorgbank`s high reputation in Asian region, which is of top priority for the Bank.


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