The Black Sea Trade and Development Bank (BSTDB) has mandated Intesa Sanpaolo and Natixis to arrange a US$100mn term loan facility which has been underwritten by the mandated lead arrangers.
The facility is divided into two equal tranches of US$50mn, with tenors of three and five years and with margins over Libor of 20bp and 25bp respectively. The proceeds will be used for business expansion and development.
The transaction will be launched into syndication today. The facility agent will be Intesa Sanpaolo.
The BSTDB is an international financial institution whose shareholders and member states are Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine, is headquartered in Greece. With an authorised capital of SDR1bn (US$1.51bn), the bank supports economic development and regional co-operation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries.