Standard Bank, as mandated lead arranger, and a syndicate of lenders have signed a US$14mn syndicated trade-related term loan facility for JSCB TAS-Kommerzbank, Ukraine.
The deal was oversubscribed and TAS-Kommerzbank elected to increase the facility amount from the US$10mn launch amount. The oversubscription underlines the strong confidence of international investors in Ukraine and in the Ukrainian financial institution sector.
The loan is trade-related and proceeds will be used to support the borrower’s major clients” export and import activities.
The facility pays 350bp over Libor and its tenor is 364 days.
Five banks in all joined the facility. Standard Bank was bookrunner and documentation agent for the transaction and also acts as facility agent.
This transaction is notable in that it attracted a substantial commitment from JSC Ukreximbank, who joined the transaction as senior lead arranger in its first investment in an international syndicated loan.
TAS-Kommerzbank is forming a holding banking group with TAS-Investbank and TAS-Businessbank as well as expanding relations with international banks and intends that the group will be in the top 10 Ukrainian banks by the end of 2006.
Anglo-Romanian Bank was a lead arranger, while Bank Pekao (Ukraine) and RZB were managers.