Trade Finance Deal with the Participation of Bank Saint Petersburg Wins Deal of the Year 2010 Award by Trade Finance Magazine
On June 29, 2011, Deal of the Year 2010 Award winners were announced at the Trade Finance Awards Dinner in London. This Award is held annually by Trade Finance Magazine, a reputable global publication. This year trade finance deal with the participation of Bank Saint Petersburg was named among the winners of this prestigious award.
MLA, Lender: Landesbank Berlin AG, Germany.
Borrower: one of the largest customers of OJSC Bank “Saint-Petersburg”.
Amount: USD 46,000,000.
Guarantor: OJSC Bank “Saint-Petersburg”.
Tenor: 3 years.
ECA: Export-Import Bank of the United States (US Ex-Im).
Advisors: Amco Advisors, London, UK.
This project was awarded Deal of the Year 2010 as the largest goods delivery from the US to Russia covered by US Ex-Im in the last 15 years. US Ex-Im and Landesbank Berlin AG acted as the Lenders of the Russian Borrower and arranged USD 46 million buyer credit for gas equipment for a 3 year tenor. The Deal was accomplished due to the efforts of Bank Saint Petersburg acting as the Guarantor under the Guarantee Agreement made between Bank Saint Petersburg, Landesbank Berlin AG and US Ex-Im to secure the Borrower’s obligations to the Lenders.
For Bank Saint Petersburg this trade finance deal is the largest one under export credit agency cover. Today Bank Saint Petersburg is active in the sphere of trade and structured finance. For the Russian industry possibility to attract long term finance means equipment modernization and energy efficiency enhancement, and consequently an increase in competitiveness of the Russian companies.