RZB and ZAO Raiffeisenbank Austria (RBA) as mandated lead arrangers and a consortium of lenders have signed into a US$35mn syndicated trade finance facility for Russia’s Bank Zenit.
The funds will be raised for financing and refinancing of the borrower’s specified trade financing activities. The 364-day loan carries a margin of 280bp over Libor and is set to be repaid in bulk.
The facility was well received by the market and an oversubscription was achieved.
Bank Zenit has decided to increase the facility amount from US$30mn.
Some 10 more lenders have joined the facility.
Co-arrangers are ZAO International Moscow Bank and Moscow Narodny.
Lead managers are Dresdner Bank and Parex banka.
Managers are Bred Banque Populaire, Denizbank AG, Finansbank (Holland), JSC Rietumu banka.
American Express Bank GmbH and ZAO Banca Intesa are participants.
Zenit was established on December 15, 1994 and began its operations in 1995. In 1996 it obtained a general banking licence from the central bank of the Russian Federation, allowing the bank to provide full range of banking services to corporate clients and individuals.
The bank is regulated and supervised by the CBR.