19 March 2008
Bank Vozrozhdenie has successfully rolled-over the syndicated loan initially arranged as a one-year plus one-year loan on March 17 last year.
The loan amount was increased from initial $50 million to $59.75 million as new lenders participated. The interest rate of the loan was unchanged at the initial level of LIBOR +1.8%.
Bank Austria Creditanstalt AG (member of Unicredit Group) and Landesbank Berlin AG arranged the roll-over. 15 foreign banks and 2 Russian banks with foreign capital participated in the syndication. Six new lenders joined the lender’s group while 2 of original participants dropped out.
Raised funds will be used to finance export-import operations of the Bank’s clients.