On November 23, 2007 OJSC Bank Saint Petersburg signed a USD 70 Million Syndicated Term Loan Facility. The total facility is divided into two tranches: a one year USD 44.50 million tranche and a one and a half year USD 25.50 million tranche. A one year tranche is disbursed at a rate equal to LIBOR + 200 b.p. and a one and a half year tranche at LIBOR + 225 b.p.
Commerzbank, ICICI Bank and UniCredit Group acted as the arrangers and bookrunners. A total of nine other lenders joined the facility during the syndication.
This is a landmark transaction for OJSC Bank Saint Petersburg taking into account that it came immediately after the global liquidity crisis and that the actual transaction amount exceeded the initial launch amount by 2.3 times.
The proceeds will be used by OJSC Bank Saint Petersburg for financing of its customers’ trade contracts.