Credit Bank of Moscow has signed a 364-day US$53mn syndicated term loan facility. Commerzbank and Standard Bank Plc (facility agent) acted as mandated lead arrangers and bookrunners for the facility.

The proceeds will be used for trade-related financings as well as to repay the US$40mn syndicated loan signed on September 19, 2005. The deal carries a margin of 2.50% per year and is one-year extendible. The facility was well received and generated a healthy oversubscription in the market which was fully taken up.

Credit Bank of Moscow was established in 1992 and is active in Moscow and the Moscow region with 14 branches, six mini-branches and 16 cash offices.

Credit Bank of Moscow specialises in financing small to medium-sized corporates with a main focus on large Moscow-based retail chain distributors of consumer goods.

This is the fifth time Credit Bank of Moscow taps international syndicated loan market.

Credit Bank of Moscow carries international credit ratings by Moody’s Investors Service of: B1/NP for foreign currency deposits and an E+ Financial Strength Rating (FSR), by Fitch: B-/B/B/5/positive and locally by Interfax: A3/RUS-2 and Fitch: BB+.

Lead arrangers are: Anglo Romanian Bank and International Moscow Bank.

Arrangers are: Bre Bank, BRED Banque Populaire and Wachovia Bank.
Lead managers are: AKA Ausfuhrkredit, Sparis abanki Islands/Icebank, London Forfaiting Company, Nova Ljubljanska banka, OTP Bank, Rietumu Banka and UBAE – Arab Italian Bank.

Managers are: Adria Bank, Banif, Caixa Geral de Depsitos France, Export-Import Bank of the Republic of China, Finansbank (Holland) and Landesbank Baden-Wuerttemberg.