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Deutsche Bank AG London and ING Bank have launched the senior phase of syndication of the US$20mn syndicated trade-related term loan facility for Ukrsotsbank in Ukraine. The proceeds of the one-year loan, which pays a margin of 3.80% per year, will be used to finance specific trade transactions of select clients of the borrower.

In the senior phase of the syndication, which is primarily aimed at the borrower’s relationship banks, lenders are being offered arranger (US$4mn) and co-arranger (US$3mn) titles for fees of 120bp and 100bp respectively.

With total assets as at December 31, 2003 of Uah5.013tn (US$940mn), Ukrsotsbank is the fourth largest bank in Ukraine. Share capital as at the same date was Uah429mn (US$80mn).