Joint mandated arrangers LB Kiel, RZB and Sanpaolo IMI SpA have been mandated by Slovenia’s Banka Koper to arrange on its behalf an amortising term loan of €25mn. The transaction has been fully underwritten by the arrangers.
Banka Koper is the fifth largest bank in Slovenia in terms of total assets with a market share of 6.3%, and is rated BBB by Fitch (outlook positive), based on a strong regional franchise, stable local operating environment and strong liquidity. It is majority owned by Sanpaolo IMI with a 62% shareholding.
The transaction was launched into general syndication recently. The loan has a tenor of five years with repayment in seven equal semi-annual instalments commencing two years after the signing date. Potential lenders are offered participations of €3mn as co-arranger and €2mn as lead manager. The initial margin is 50bp pa based on the borrower’s current rating but subject to a margin grid in the future. The facility benefits from a maintenance of ownership clause, which requires Sanpaolo IMI to own at least 51% of the issued share capital and at least 26% of the voting shares of the borrower.