29 March 2007
March 29, 2007
Vozrozhdenie Bank raised a one-year syndicated loan of USD 50 million from a number of foreign banks at the rate of 1.8% over LIBOR. Unicredit Group (acting through Bank Austria Creditanstalt AG) and Landesbank Berlin AG were lead arrangers of the facility. Twenty two banks took part in this syndicated loan. Original commitments were almost twice the subscribed amount. The loan proceeds will be used to finance foreign trade operations of the Bank’s clients.
Last year the Bank financed EUR 30 million of foreign trade contracts of its clients with credit facilities of foreign banks.
Present applications for financing contracts of more than EUR 100 million are under consideration by the Bank.