Bank Austria Creditanstalt, Commerzbank, Dresdner Kleinwort Wasserstein, Natexis Banques Populaires, and RZB as mandated lead arrangers and bookrunners, have closed a US$135mn trade finance facility for Russia’s OJSC Bank Zenit.

Due to very significant oversubscription, the transaction was increased from its launch amount of US$70mn and participant banks were scaled back.

The US$135mn trade finance facility is priced at 130bp, and is for bullet repayment at 364 days after the facility signing. A further 364-day extension is available to Bank Zenit subject to the consent of the lenders.

The other participants in the syndicate were: Anglo-Romanian Bank, Moscow Narodny Bank, Demir-Halk Bank (Nederland), Finansbank (Holland), Garantibank International, HSBC Bank, ICICI Bank UK as senior lead arrangers; BMO, Bank of Tokyo-Mitsubishi UFJ, BHF Bank as arrangers; BCEN-Eurobank, Bre Bank, Bred Banque Populaire, Hypo Alpe-Adria-Bank, Rietumu Banka, Vakifbank International as lead managers; ZAO Banca Intesa, Bank Muscat International, FBN Bank (UK), American Express Bank GmbH and Ost-West Handelsbank as managers.