Last Updated March 13, 2008
Russian bank Promsvyazbank has mandated five banks to arrange a trade-related US$150mn syndicated term loan facility. The mandated lead arrangers are Bayerische Landesbank, Calyon, HSBC, Oversea-Chinese Banking Corporation and Unicredit Group. The facility has a one-year tenor, with an optional one-year extension. The funds will be used to finance foreign trade-related transactions of its clients.
Promsvyazbank has been fairly active during the first few months of 2008. In January it signed a € 30mn credit agreement with Nordic Investment Bank. These funds are being directed towards Russian investment projects that involved commodities or services sourced from Scandinavia or the Baltic states.
The Russian bank also announced in February that is to increase an Euler Hermes-backed facility raised in 2004 via Commerzbank (Click here to read previous coverage, GTR e-News February 15, 2008)
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