Bank of Tokyo-Mitsubishi UFJ (BTMU), Deutsche Bank AG London, Dresdner Kleinwort Wasserstein (DrKW) and RZB as initial mandated lead arrangers and bookrunners have launched general syndication of a loan for Russia’s Vnesheconombank.

Before the launch, the initial MLAs were joined by BayernLB, Erste Bank, HSBC Bank, Mizuho Corporate Bank, and Sumitomo Mitsui Banking Corporation Europe as mandated lead arrangers and Barclays Bank, JPMorgan Chase Bank, Mediobanca – Banca di Credito Finanziario and Wachovia Bank as arrangers, resulting in an oversubscription at the senior phase.

The facility is structured as a term loan, with a tenor of three years and a quarterly amortisation schedule starting on the date falling 27 months after the signing date. The proceeds of the facility will be used for general corporate finance including the refinancing of the existing US$500mn syndicated facility signed in July 2005 as well as providing core clients of the borrower with trade-related finance.

Launch amount was US$500mn and the facility carries an interest margin of 35bp over Libor.