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RZB and ZAO Raiffeisenbank Austria, Moscow (RBA) have launched syndication of a facility for OJSC Bank Petrocommerce.
The funds will be raised for general banking purposes and repayment of a bridge facility. The 364-day loan carries a margin of 285bp over Libor and is set to be repaid in bulk.

Arrangers have been invited at takes of US$5mn or more for a fee of 1.00% flat and an all-in return of 3.85% per year. Co-arrangers are offered US$3mn or more at a 0.80% flat fee with a 3.75% return. Lead managers at US$2mn or more for 0.70% flat at 3.55% per year. Managers at US$1mn or more at a fee of 0.60% flat with a 3.45% return.

Bank Petrocommerce, established in 1992, is a commercial bank which enjoys the exclusive role of being a treasury bank to the Lukoil Group, Russia’s leading energy conglomerate. In the course of Lukoil’s strategic decision to divest of its non-oil assets, Lukoil sold just under 65% of PKB to IFD Kapital in June 2004. The close relationship of PKB to Lukoil is expected to persist, with Lukoil. maintaining an operating presence through branches or offices in regions and areas where members of the LUKOIL Group operate.

As of 01.10.2004, the bank was the 13th largest in terms of capital  (US$269.138mn) and the 15th largest in terms of total assets (US$2.048bn). Net profit at this date amounted to US$20.259mn.