Deutsche Bank AG London and EFG Telesis Finance SA, Athens have launched syndication of a five-year US$120mn trade-related term loan facility for 22 Romanian thermal power plants. The loan is fully guaranteed by the ministry of public finances of Romania and proceeds will be used to finance the borrowers” purchases of gas, oil and coal.
Banc Post, Bucharest has joined the facility as lead arranger.
Repayment involves the loan amortising quarterly with a two-year grace period.
The margin is 1.85% per year for years one-three and 2.15% for years four and five.
Fees for arrangers (US$10mn or more) are 70bp; for co-arrangers (US$7.5mn), 60bp; for lead managers (US$5mn), 50bp; for managers (US$3mn), 40bp.