Deutsche Bank AG London and ING Bank have signed a US$45mn loan to Ukrsotsbank of Ukraine. The facility was initially launched in senior phase syndication for an amount of US$20mn but due to highly successful senior and general syndication phases, it was heavily oversubscribed and increased.
The transaction, at US$45mn, is the equal largest syndicated loan for a Ukrainian bank.
The proceeds of the 12-month loan, which pays a margin of 3.8% per year, will be used to finance specific trade transactions of select clients of the borrower.
Joining the mandated lead arrangers are arrangers AKA Ausfuhrkredit-Gesellschaft and HVB Group (Bayerische Hypo- und Vereinsbank AG and Bank Austria Creditanstalt).
Co-arrangers are ABN Amro, American Express Bank, Commerzbank, and Mashreqbank.
Lead managers are Standard Bank London and Wachovia Bank.
Managers are Export-Import Bank of the Republic of China and Sumitomo Mitsui Banking Corporation Europe.
Joining as participants are Banif – Banco Internacional do Funchal, Demir-Halk Bank (Nederland), Dresdner Bank, Rabobank International, Raiffeisenlandesbank Niederoesterreich Wien and Sanpaolo IMI.
With total assets as at December 31, 2003 of UH5.013tn (US$940mn), Ukrsotsbank is the fourth largest bank in Ukraine. Share capital as at the same date was UH429mn (US$ 80mn).