ICICI Bank UK and Mashreq have signed a US$63mn syndicated term loan facility for Russia’s Ursa Bank. The facility has a tenor of one year and pays a margin of 1.5% per year over Libor. Proceeds will be used by Ursa for trade finance purposes.


This is a landmark transaction for Ursa, being the debut transaction after the merger of Sibacadembank and Uralvneshtorgbank, and also for setting benchmark pricing for the bank.


Alpha Bank and National Bank of Dubai joined the transaction as senior mandated lead arrangers before the launch of the transaction in general syndication.


The facility was launched at US$25mn and due to the positive response from the market was closed at US$63mn, an oversubscription of 2.5 times.


The arrangers were successful in attracting a number of new investors for the borrower,


with 75% of total participations coming from Asia.