Mandated lead arrangers Commerzbank, MDM Bank, VTB Bank and VTB Bank Europe have launched a US$20mn trade-related syndicated term loan facility for International Bank of St Petersburg.

The facility has a 364-day tenor and carries a margin of 3.95% per year. The proceeds will be used for the borrower’s trade-related financings.

Banks are being offering various levels of participation. An arranger can commit US$3mn or more, for a participation fee of 175 basis points, with an all-in fee price of 570 basis points.

Co-arrangers can commit US$2mn or more for a participation fee of 160bp and all-in price of 555bp per year, while lead managers can commit US$1mn or more for a fee of 145bp and all-in price of 540bp.

In September 2007, Standard & Poors assigned a B- long-term rating to the bank, and previously in 2005 Fitch Ratings also granted the bank a B- long-term rating.

The bank was previously in the syndications market in June this year, raising a US$100mn facility via the European Bank for Reconstruction and Development (EBRD). The deal was structured as an A/B facility, with the EBRD giving the bank a four-year US$25mn A loan tranche, and a B tranche of US$675mn being raised via 14 commercial foreign international banks. The margin on the B loan was 2.75% over six-month Libor.