Syndication of First Ukrainian International Bank’s (FUIB) trade-related loan facility has been closed by mandated lead arranger Standard Bank London. The facility was launched at US$10mn and closed 300% oversubscribed. The borrower has decided to take a US$10mn increase.
This is the first year that FUIB has sought to raise finance from the international syndicated loan market. The facility proceeds will be used to finance specific trade finance facilities made available by the borrower to its clients.
There is a bullet repayment on final maturity. The tenor is 364 days from the date of signing of the facility agreement. The margin is 3.95% over Libor per year.
Lead managers are Erste Bank, Parex Bank and Wachovia. Managers are: Garantibank International, Habibsons Bank, Mashreqbank, Persia International Bank and Union Bank of California. Participants are: Atlantic Forfaitierungs, Bankgesellschaft Berlin, Caixa Geral de Depósitos, International Moscow Bank and London Forfaiting Company.
FUIB was formed in November 1991, and commenced banking operations early in 1992. The bank is registered in Donetsk although the head office functions are performed in Donetsk and Kiev.
It is organised as a closed joint-stock company and at the end of 2003 the shareholders were:
CJSC Trading House “Azovstal “- 48.99%; Fortis Bank (Netherlands) – 20%; Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) – 10%; European Bank for Reconstruction and Development (EBRD) – 10%; International Finance Corporation (IFC) – 10%; private shareholders – 1.01%.