Nova Novaya Moskva Bank, Moscow (Nomos) has signed a US$150mn secured gold pre-export short-term loan through mandated lead arrangers Commerzbank, Standard Bank and UFJ Bank, with ZAO Standard Bank acting as security agent.

The loan proceeds will be used to finance 11 Russian gold producers (artels) and has a one-year initial maturity, extendible by a further 12 months.

Priced at 190bp over Libor, the deal raised over US$220mn in commitments from the market, although Nomos chose not to increase the facility’s original size.

Banks joining as arrangers are: Alpha Bank, HVB, DeKaBank, DZ Bank, Erste Bank, HSH Nordbank, ICICI Bank, KBC, Landesbank Rheinland-Pfalz, Moscow Narodny, Natexis Banques Populaires and SG.

Co-arrangers are Banco Finantia, Bankgesellschaft Berlin, BHF-Bank, Dresdner, Dubai Bank, GarantiBank International and Ost-West Handelsbank.

Managers are Bank of Overseas Chinese, Bank Sepah International, Banque Commerciale Pour L ‘Europe Du Nord, Cooperative Centrale Raiffeisen-Boerenlreenbank, Finansbank, Melli Bank, Mizrahi Refahot Bank, Export-Import Bank of China and ZAO Banca Intesa.

This is Nomos Bank’s fifth year of raising gold-related loans in the international market. The last – arranged by the same trio of MLAs – was a US$120mn loan which was repaid ahead of the utilisation of the new loan.

The security package includes assignment of the borrower’s rights under the domestic gold delivery contracts, assignment of the borrower’s rights under the loan agreements, charge over the collection account, and assignment of the rights of the borrower under the forward sale and delivery contract. Nomos is B rated by Fitch and Ba3 rated by Moody’s .