General syndication, on a "best efforts” basis, commenced on May 6 for a US$50mn trade related term loan facility for URSA Bank, one of the largest regional banks in Russia.
The borrower has mandated Calyon, ICICI Bank, Bahrain Branch, ING Wholesale Banking and RZB as initial mandated lead arrangers and bookrunners, with RZB as facility agent for the syndication, which is expected to last for a month.
The facility carries a margin over Libor of 160 basis points and has a maturity of 364 days.
It is understood that any amount raised in syndication will increase the overall facility offered to the borrower as the combined commitment of the 4 initial mandated lead arrangers already effectively totals US$50mn.
Four tickets are being offered to participating banks; 150 basis points at mandated lead arranger, 130bp for lead arranger, 115bp at arranger and 100bp at lead manager, with commitments amounting to US$10mn or more, US$7.5mn, US$5mn, and US$3mn respectively.
URSA Bank was formed from the merger of Uralvneshtorgbank (UVTB) and Sibacadembank (SAB) and was ranked 15th among all Russian banks by total assets as of 31 December 2007.
Last Updated May 08, 2008
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