Deutsche Bank AG London and ING Bank have been jointly mandated to arrange the extension and increase of a one-year US$45mn syndicated trade-related term loan facility for Ukraine’s Ukrsotsbank, priced at 3% per year.
The loan represents a one-year extension of a US$45mn loan signed by a syndicate of banks led by Deutsche Bank and ING in November 2004 and Ukrsotsbank intends to increase this amount to US$75mn.
Proceeds will be used to finance specific trade transactions of select clients of the borrower.
Ukrsotsbank is the fourth largest Ukrainian bank in terms of assets, which totalled US$1.886mn as at June 31, 2005.
The mandated lead arrangers will shortly launch the senior phase of syndication, which will be targeted primarily at Ukrsotsbank’s existing relationship banks as well as a select group of banks active in the Ukrainian financial institutions market.