Russian bank Evrofinance Mosnarbank (EVMB) has mandated Banque Société Générale, Commerzbank, Credit Suisse, ICICI Bank (Bahrain Branch) and ICICI Bank UK to arrange a US$40mn syndicated term loan facility. The deal has been launched into syndication. Commerzbank is acting as facility agent.
Proceeds of the loan will be used to finance trade finance loans of the borrower’s strategic customers. It has a 364-day maturity, and pays a margin of 250 basis points per year.
EVMB is an open joint stock company incorporated in the Russian Federation in 2003, following the merger of Commercial Bank Mosnarbank Moscow into Bank Evrofinance in Moscow.
It has a diversified state-related ownership including VTB Group (35.86%), Rosgosstrakh Group (19.85%), and Roscontract Group (19.37%).
Fitch has given the bank a B long-term rating, with a stable outlook, and it has a Ba3 long-term rating from Moody’s, with a stable outlook.
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