Deutsche Bank AG London and ING Bank have been jointly mandated to arrange the extension and increase of the US$45mn syndicated trade-related term loan facility for JSC Bank CenterCredit, Kazakhstan.
The facility represents the one-year extension of the US$45mn loan signed by a syndicate of banks led by Deutsche Bank and ING in June 2004. The proceeds will be used to finance specific trade transactions of select clients of the borrower.
CenterCredit is the fifth largest Kazakh bank in terms of assets, which totalled US$1.1422bn at December 31, 2004.
The mandated lead arrangers will shortly launch the senior phase of syndication, which will be targeted primarily at CenterCredit’s existing relationship banks as well as a select group of banks active in the Kazakh financial institutions market.
The margin is 2% per year.