Commerzbank, acting as sole mandated lead arranger, has closed the syndication of a debut €50mn four-year facility for Transbunker group, Russia’s largest independent supplier of bunkering fuels and lubricants.
The financing consists of two separate facilities: €30mn and €20mn, each having a 22-month grace period and paying a margin of 375bp over Libor. The financing is backed by proceeds from the export and trading of oil products, as well as bunkering services contracts of various members of the Transbunker Group, and is secured by mortgage of a refinery located in Russia’s Far East. Gide Loyrette Nouel acted as legal advisors to Commerzbank.
Participations in the deal were offered on a limited basis and Société Générale and VTB Bank Europe joined as arrangers making commitments of €15mn and €10mn respectively.
Comments Nina Goldfain, vice-president for structured finance at Commerzbank: “This loan is a landmark transaction for Russia, as it is the largest bunkering financing and a debut loan for the leading player in this market.”