HSH Nordbank and RZB as mandated lead arrangers have signed banks into Bulgaria’s Central Cooperative Bank’s (CCB) increased €11mn syndicated term loan facility.

Due to an oversubscription in syndication, the borrower elected to increase the volume from the initial launch amount of €10mn.

The tenor is 364 days (extendable for another term of up to 364 days at each lender’s sole discretion). The margin is 2.25% per year.

Repayment is as a bullet, in one single amount.

Participation levels are €3mn (co-arranger), €2mn (lead manager) and €1mn (manager).

Participation fees are: 75bp flat (€3mn), 60bp flat (€2mn) and 50bp flat (€1mn).

Managers are: Bank Austria Creditanstalt; Bankgesellschaft Berlin; Bayerische Hypo- und Vereinsbank; and Export-Import Bank of the Republic of China.

CCB is directly and indirectly majority controlled by Chimimport JSC (90% of the voting rights). Chimimport’s roots go back to 1947 is a privately-owned joint-stock holding company comprising of 13 companies in Bulgaria and three companies abroad.

Chimimport is involved in import and export of crude oil, oil derivatives, plastics and plastic products, rubber and rubber products, trade in fertilisers, drugs for human and veterinary medicine, agriculture; storage and processing of grain foods.

Additionally, they are engaged in airline and insurance business as well.