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Russia’s AK Bars Bank has signed a one-year US$45mn syndicated term loan facility through initial mandated lead arrangers and bookrunners Standard Bank Plc and Commerzbank.
The facility was launched into the market at the level of US$35mn and closed oversubscribed at US$45mn. The borrower elected to take the whole oversubscription.
Some 16 banks joined the syndicate.
The loan is for financing specific trade contracts of the borrower’s strategic clients.
There will be a bullet repayment.
The margin is Libor + 2.95% per year.
AK Bars Bank was founded by Russian regional government of the Republic of Tatartsan in 1993.
Joining as lead arrangers are ZAO Standard Bank and ZAO International Moscow Bank.
Arrangers are American Express Bank, Anglo-Romanian Bank, Bank Austria Creditanstalt, Bankgesellschaft Berlin, BCEN-Eurobank and National Bank of Egypt.
ZAO Banca Intesa is a lead manager.
BRE Bank, Dresdner Bank, Hypo Aple-Adria International, UBAE Arab Italian Bank and Yapi Kredi Bank Moscow are managers.