Russian Bank Zenit has closed a one-year US$110mn syndicated term loan facility with seven international and development banks.
Bank Zenit told GTR that the loan will be used to fund its trade finance operations, and carries a margin of 220 basis points with bullet repayments at maturity.
The deal’s mandated lead arrangers include Citi, Commerzbank, Eurasian Development Bank, JP Morgan, Raiffeisen, Rosbank and VTB Bank. Commerzbank coordinated the facility and acted as documentation agent and facility agent.
Established in 1994, one of Bank Zenit’s principal shareholders is Russian oil company Tatneft.
Bank Zenit’s last syndicated facility in October 2008 closed at €95.75mn (US$128.192) and carried a significantly cheaper margin of 160 basis points.