RZB, as mandated arranger, and a consortium of lenders have signed into a US$42.36mn refund guarantee facility for Brodosplit Brodogradilite, counterguaranteed by The Croatian Bank for Reconstruction and Development (HBOR).
The transaction was well received in the market and the syndication was closed successfully achieving an oversubscription, committing a total amount of US$49mn.
As the facility could not be increased, the final takes of the lenders were scaled back.
The guarantee facility is used in connection with the construction of four vessels by Brodosplit.
Brodosplit is 100% owned by the holding company Brodosplit. At present Brodosplit belongs partly to the Republic of Croatia (34.42%). Several Croatian funds have an aggregate shareholding in Brodosplit of 55.06%. The balance is held by the State Agency for Insurance of Bank Savings Deposits (6.98%) and others (3.54%).
HBOR was established in 1992 and is fully owned by the government of Croatia. HBOR is currently rated BBB- long-term by Standard & Poor’.
A total of 6 lenders have joined the facility:
RZB, mandated arranger: US$8.36mn
Bayerische Landesbank, Vereins- und Westbank, co-arrangers: US$8.5mn
Landesbank Hessen-Thuringen Girozentrale, Landesbank Rheinland-Pfalz, managers: US$6mn
Raiffeisenlandesbank Niederöterreich-Wien, participant: US$5mn.