The International Bank of Azerbaijan-Moscow (IBA-Moscow) has secured a US$50mn syndicated loan facility via initial mandated lead arrangers and bookrunners GarantiBank International and ICICI Bank. The final amount signed for was double the original request of US$25mn.
Syndication proved so popular the oversubscribed facility hit US$60.5 mn, but the borrower capped the facility at US$50mn. The margin is 120 basis points, and lenders could opt to commit US$1mn for a participation fee of 15bp, US$2mn for a fee of 20bp and US$3mn for 25bp.
Before syndication was launched Banco Finantia and Mashreqbank joined the facility as senior MLAs. The deal attracted a total of 16 investors from 11 countries in Asia and Europe, with many of the banks being first time lenders to IBA-Moscow.
Joining at mandated lead arranger level are Bank SinoPac, Banif-Banco Internacional do Funchal, DEPFA Investment Bank, the London-based Nigerian bank FBN Bank, Mega International Commercial Bank, OTP Bank, the Netherlands subsidiary of Turk Ekonomi Bankasi: The Economy Bank and VakifBank International.
Lead arrangers are Banque de Commerce et de Placements, Caixa Geral de Depositos and Landesbank Berlin. The Bahrain branch of Turkiye Is Bankasi is acting as an arranger.