Syndication has been launched on a 364-day US$60mn syndicated term loan facility for the Black Sea Trade and Development Bank (BSTDB). Mandated lead arrangers on the deal are BayernLB, Intesa Sanpaolo and RZB.

The loan will be used to refinance the bank’s previous US$60mn term loan facility dated December 1 2004, as well as for general funding purposes.

The terms of the loan include a margin of 20 basis points and a tenor of 364 days. Repayment is due on a bullet basis.

Lead arrangers are invited to join syndication with a commitment of US$20mn and a participation fee of 20bp. Arrangers can commit US$15mn for a fee of 17.5bp. Co-arrangers can commit US$10mn or more at a fee of 15bp, while lead managers can commit US$5mn or more for a fee of 12.5bp.