Belpromstroibank (JSC BSP Bank), the majority state owned Belarusian bank, signed a 364-day, US$78mn syndicated term loan facility on May 13 via mandated lead arrangers and bookrunners Banco Finantia, BayernLB, Credit Suisse and Fortis.

The facility amount was initially set at US$40mn, but was increased after generating a substantial oversubscription in syndication.

BayernLB acted as facility agent.

The proceeds of the facility, which is priced at Libor +3.20 basis points and structured as a bullet repayment, will be used to finance trade-related transactions of the borrower's clients. 

JSC BPS-Bank was established in 1923 and performs the joint role of commercial and export-import bank in Belarus, where it is ranked 4^th by assets, equity and loan investments. It was also the first bank in the country to have obtained ratings from Moody's Investors Service: it is rated Ba1 long-term on local currency deposits and B2 on foreign currency deposits (outlook "Stable”).