Mandated lead arrangers and bookrunners BayernLB, Intesa Sanpaolo, and Standard Bank have launched general syndication on a US$15mn syndicated short-term loan facility for Pravex Bank in Ukraine.
The facility will be used for general corporate purposes, including financing of trade-related transactions of the borrower’s clients.
It is paying a margin of 350 basis points, and has a tenor of six months, with a six-month extension option at the discretion of each lender.
Intesa is the documentation agent, and Standard Bank is the facility agent on the deal.
Pravex was one of the first banks in the Ukraine to offering banking products to retail customers, and historically focused on serving retail customers and small to medium-sized businesses in the city of Kyiv and the surrounding region, before expanding at the end of the 1990s.
On February 4, 2008, Intesa Sanpaolo and the controlling shareholders of Pravex signed an agreement for the acquisition of 100% of the share capital of Pravex Bank.
As of February 8 2008, the outlook for the bank has been placed under review by Moody’s ratings. Fitch grants the bank a long-term issuer default rating of B-, with a positive rating watch.
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