Some 12 institutions from nine countries have participated in a US$32mn syndicated term loan facility for OJSC UralSiberian Bank. Priced at 350 basis points over Libor, the facility is jointly arranged by Standard Bank London Ltd and Moscow Narodny Bank Ltd London. Standard is also agent under the facility.
The facility was launched by Standard and Moscow Narodny at US$20mn and increased to US$32mn following a 60% oversubscription. This facility is the third international syndicated loan facility arranged for UralSib and will be drawn down on
The facility, which carries a one-year maturity with a one-year extension option, will be used for pre-export finance purposes.
Parex Bank joined as co-arranger. Bank Austria Creditanstalt, Landesbank Rheinland-Pfalz-Girozentrale, Sumitomo Mitsui Banking Corporation Europe and Noble Trade Finance are lead managers. Bank Turanalem, Bre Bank Warsaw, Europ íisch-Iranische Handelsbank, Taiwan Export-Import Bank and Union Bank of California joined as managers.
Ural-Sib, formerly Republican Investment and Credit Bank BashCreditBank is the state bank for the oil-rich autonomous region of Bashkortosan in Russia.
In March Standard & Poor’s Ratings Services revised its long-term counterparty rating on Ural-Sib to “B-” from “CCC+”. The outlook is stable. The bank is rated “B-” with a positive outlook by Fitch (raised from stable in October 2002).
The Republic of Bashkortostan’s foreign currency rating was upgraded by Moody’s from “B1” to “Ba3” in December 2002 following a general improvement in the economic and political situation of Russia.