Vnesheconombank (VEB) has signed Russia’s largest syndicated loan to date worth US$2.45bn.
The oversubscribed three-year loan is priced at 130 basis points over six-month Libor.
VEB did not reveal exactly what the money will be used for, but stated that it will go towards current investment projects.
A total of 19 banks participated in the loan, including some of the biggest players from Europe, China and the US.
The mandated lead arrangers and bookrunners on the deal comprised of BTMU, Barclays, BNP Paribas, China Development Bank, Commerzbank, Crédit Agricole, Credit Suisse, HSBC, Mizuho Corporate Bank, Société Générale and SMBC.
The following banks also joined as mandated lead arrangers: Banc of America Securities, Citi, Goldman Sachs, ING, JP Morgan, Morgan Stanley, RBS and WestLB.
The loan comes at a time when VEB also signed one of its largest rouble-denominated loan to date.
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