Vneshtorgbank and Moscow Narodny Bank as mandated lead arrangers and bookrunners, with a consortium of lenders, have signed into a €16.5mn trade-related syndicated term loan for International Bank of St Petersburg (IBSP).

The margin is 3.25% per year over Libor and has a tenor of 364 days with an extension option for further 364 days.

The deal was increased from the launch amount of €15mn.

Lead managers are: AKA Ausfuhrkredit and Banco Finantia. Managers are: Kazkommertsbank, Commercial Bank Center-invest, Industry & Construction Bank, International Moscow Bank, Vnesheconombank and ATF Bank.

IBSP was founded in 1989 and is the 71st Russian bank by assets and the 7th largest credit financial institution in St Petersburg.

IBSP’s core business is corporate banking in northwestern Russia.

It is rated B- by Fitch and CCC+ with stable outlook by Standard & Poor”s.