CJSC Commercial Bank PrivatBank has executed a one-year US$158mn syndicated term loan facility. Barclays Capital and Standard Bank Plc acted as mandated lead arrangers and bookrunners with Standard also acting as facility agent.

The loan was launched into the market at the level of US$80mn and following a 97% oversubscription from 32 banks, finally closed at US$158mn making it the largest syndicated loan to date raised by a Ukrainian financial institution. The bank elected to take the whole oversubscription.

The loan is for financing trade-related transactions of the borrower’s major customers.

There will be a bullet repayment.

The maturity is one year from the date of signing the facility agreement.

The margin is Libor + 2.80% per year.

PrivatBank is the largest Ukrainian bank with total assets of US$2.9bn, customer deposits of US$2.3bn, customer loans of US$1.8bn and shareholders “equity of US$257mn as per the bank’s 2004 audited accounts. According to the Association of Ukrainian Banks, PrivatBank is also the most profitable Ukrainian bank.

Joining the mandated lead arrangers are Abu Dhabi Commercial Bank, Alpha Bank, BTM (Europe), ING Bank, Vneshtorgbank, International Moscow Bank, Bayerische Hypo-und Vereinsbank, WestLB AG London and Bank Austria Creditanstalt as mandated arrangers.

Arrangers are: Bank Sepah International, Dresdner Bank, Dubai Bank, Erste Bank, Emirates Bank International, Mashreqbank and Moscow Narodny Singapore.

Arab Investment Company, Demir-Halk Bank (Nederland), Export-Import Bank of the Republic of China, Melli Bank, Sanpaolo IMI and Taiwan Business Bank, offshore banking branch are co-arrangers.

Banco Espirito Santo do Oriente, Bankgesellschaft Berlin and Bank of New York are lead managers.

Habibsons Bank, Piraeus Bank London, State Bank of India New York, State Bank of India Paris and Trade and Development Bank of Mongolia are lead managers.