Citibank, ING Wholesale Banking and Standard Bank Plc have been mandated to arrange a US$150mn syndicated term loan facility for Eurasian Development Bank (EDB). All three MLAs have acted as bookrunners, with Standard Bank acting as documentation agent and ING acting as facility agent.

The facility has a tenor of 364 days, subject to an extension option for a further 364 days.

The transaction was launched on November 13, 2006. It attracted a huge interest from the market, being 2.5 times oversubscribed, but was not increased. The facility was signed in London on December 18, 2006.

The facility is EDB’s debut facility and will fund general corporate purposes, including the borrower’s future investment projects.

EDB was established as a multilateral developmental financial institution by the governments of Russia and Kazakhstan, with the strategic goal to facilitate the economic development of both countries and the Eurasian Economic Community (EEC) as a whole to promote cooperation and integration. The EEC includes Russia, Kazakhstan, Belarus, Kyrgyz Republic, Uzbekistan and Tajikistan.

In November 2006 EDB obtained a BBB+ rating from Fitch and S&P.

Lenders were invited to join the facility, paying a margin of 0.50% per year over Libor, at one of the following levels:

MLAs – Citibank Bahrain, ING, Standard Bank Plc with US$12mn each.

Arrangers – WestLB London with US$8mn, Alpha Bank, Bank Hapoalim, Bayerische Landesbank, Landesbank Sachsen Girozentrale, Natixis, State Bank of India and WGZ Bank with US$6mn each

Co-arrangers – Ahli United Bank, DZ Bank, Erste Bank, KBC Bank Dublin, Landesbank Baden-Wurttemberg London, Norddeutsche Landesbank Girozentrale, Taiwan Business Bank Offshore Banking Branch, Taiwan Cooperative Bank Offshore Banking Branch, Export-Import Bank of the Republic of China, and ZAO Banca Intesa with US$4mn each.

Lead manager – Bank of Overseas Chinese with US$3.5mn.

Lead managers – Bank of Kaohsiung Offshore Banking Branch, Caixa Geral de Depositos France, Central Trust of China Offshore Banking Branch, Chang Hwa Commercial Bank Offshore Banking Branch, Coperatieve Centrale Raiffeisen-Boerenleenbank, First Commercial Bank London, Landesbank Berlin, Mega International Commercial Bank Offshore Banking Branch, and Taiwan Shin Kong Commercial Bank Offshore Banking Branch with US$2mn each.

Managers – Bank Leumi Le-Israel with US$1.5mn and Bank of India London with US$1mn.