Mandated lead arrangers and bookrunners Citibank and Standard Bank have closes a US$28mn term loan facility for Bank Standard in Azerbaijan.
The deal was initially launched at US$20mn to a group of international and relationship banks. It managed to win a 40% oversubscription.
It is the first syndicated loan for the Azeri bank to feature a two-year tranche, and not involve a supranational financial institution.
The deal features two tranches. The US$17.5mn tranche has a 12-month maturity, and pays 3.00% per year, and the two-year tranche raised US$10.5mn and pays 4.00% per year.
The funds will be used for general corporate purposes, including trade-related transactions.
During syndication, four banks joined as arrangers on the 12-month tranche, all committing US$2.5mn each. The arrangers are Ausfuhrkredit Gesellschaft, and Garanti International Bank, and JP Morgan and Wachovia. FBN Bank joined as a co-arranger committing US$1mn.
On the two-year tranche, initial mandated lead arrangers Standard Bank committed US$5mn, while Citibank committed US$2.5mn. OTP Bank committed US$3mn as an arranger.
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