BoM draws syndicated term loan

The Bank of Moscow (BoM) has drawn on a US$220mn syndicated loan, which will be utilised for trade financing and general corporate purposes.

The syndicated facility, arranged by ABN Amro, Deutsche Bank (London Branch), Emirates NBD, and Raiffeisen Zentralbank Osterreich, carries a tenor of 18 months and is priced at Libor +65 basis points.

The loan syndication featured the involvement of 18 banks, with the facility amount increasing to US$220mn from the previous US$150mn following an oversubscription. BoM said in a statement that the transaction was aimed primarily at investors in the Middle East and Asia.

The bank, the fourth-biggest lender in Russia by assets, has reportedly pledged to continue targeting liquidity in the Gulf Arab region and intends to raise up to US$2bn during the course of this year to expand its business.