Russia's MDM Bank has mandated the International Finance Corporation (IFC), Calyon, Commerzbank, DZ Bank, Emirates Bank International, Erste Bank, ING, Intesa Sanpaolo, Korea Development Bank, RZB, Sumitomo Mitsui Finance Dublin and Wachovia Bank to arrange a new syndicated loan facility under the IFC A/B loan structure.
IFC has retained a US$35mn portion of the facility for its own account. The loan has a four year tenor, a one-year grace period and will be used to support MDM's lending programme for energy efficiency projects.
Syndication to commercial banks of the US$500mn IFC B loan was launched on May 27. The one-year term loan with bullet repayment has a margin of 90 basis points and will be utilised to support trade-related projects of the borrower.
Calyon, Erste Bank, ING, and RZB are joint bookrunners on the transaction. Commitments are due in the middle of June with banks expected to sign into the facility in early July.
MDM has one of the highest credit ratings among privately-owned Russian banks - Standard & Poor's (BB, stable), Fitch Ratings (BB, stable) and Moody's (Ba1, stable). It is also the only Russian financial organisation that has been given a public corporate governance score by Standard & Poor's (CGS-6+).
Last Updated May 30, 2008
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