BTA Bank has paid off US$63mn portion of a dual-tranche Islamic loan raised in 2006. This is the second tranche of the deal, and pays a margin of 70 basis points.
Mandated lead arrangers Calyon Bank and Abu Dhabi Islamic Bank arranged the deal and consulted BTA Bank on sharia’h and mudarabah principles.
The original loan was for US$200mn, and the first tranche was for US$137mn with a margin of 40bp. This was repaid in July 2007.
The funds raised are being used to finance BTA clients according to sharia’h law.
To date, BTA Bank has repaid US$623.9mn foreign debts, and still has US$74.4mn due by the end of the year, which accounts for 2.3% of its assets.
BTA Bank is among the biggest banks in the CIS. Its consolidated assets in the first quarter of 2008 totalled US$26.2mn.
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