Bank Austria Creditanstalt AG (BA-CA) (bookrunner), Citibank (bookrunner), Erste Bank der Oesterreichischen Sparkassen (info memo) and RZB (documentation and signing), as mandated lead arrangers, have launched syndication for a five-year US$100mn syndicated term loan facility for Banca Comerciala Romana SA. The facility is fully underwritten by the mandated lead arrangers.
The margin is 2% per year, with a four-year grace period.
BCR, established in 1990, is a leading bank in Romania, enjoying a good asset and customer base, having a B/positive and B1/NP/D- rating with S&P and Moody’s respectively. The bank operates as a full universal commercial bank having a comprehensive nationwide office network, consisting of 286 branches and agencies.
BCR has nearly 3.9mn clients. EBRD and IFC took 12.5% stake plus one share each in November 2003 with a view to support the privatisation of BCR. Before selling the above mentioned stake, the government owned 69.88% of the borrower.