Commitments for participation in a US$75mn trade-related facility for Ak Bars Bank in Tatarstan were due in this week, and initial reports suggest it has been oversubscribed.
The mandated lead arrangers are Banco Finantia, Commerzbnk, ICICI, Landesbank Berlin and WestLB. It has a tenor of one year, and pays a margin of 150 basis points over Libor per year.
Tickets were available from US$2.5mn up to US$12.5mn, and participation fees ranged from 70bp to 120bp.
In September 2007, Ak Bars closed a US$100mn syndicated loan via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ and Calyon. The one-year facility featured a margin of 70bp, a lower margin than that being paid on the current transaction. This is partly due to the fact the previous facility was launched in July 2007 before the repercussions of the credit crunch had filtered through to the syndications market.
Last Updated March 13, 2008
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