Alfa Bank has secured an oversubscribed loan of US$350mn from a large syndicate of banks.

The loan is priced at six-month Libor plus 170bps and has a tenor of one year. Ten banks acted as mandated lead arrangers: Bank of America Merrill Lynch, BNP Paribas, Citi, Emirates NBD, Goldman Sachs, HSBC, ING, Standard Chartered, VTB and Wells Fargo.Wells Fargo acted as sole co-ordinator, with Standard Chartered the facility agent.

The loan will be used for corporate lending and is a virtual repeat of a 2011 transaction, which Alfa attempted to replicate by seeking US$250mn to US$300mn. However, the demand among banks led to an increase in the loan volume. It’s thought that Alfa had to scale back on the amount it could have secured.