OREANDA-NEWS. On July 04, 2007 Promsvyazbank has borrowed US$400 million through a syndicated loan from a group of Western banks, with Commerzbank Aktiengesellschaft (“Commerzbank”) Societe Generale Group, Sumitomo Mitsui Banking Corporation Europe Limited (“SMBCE”), WestLB AG, London Branch (“WestLB“), and ICICI Bank acting as leadarrangers, reported the press-centre of Promsvyazbank.

The loan consists of two equal tranches maturing in 12 and 18 months, respectively. The margin for the first tranche is Libor +0,6% and the second tranche – Libor +0,7%.

The proceeds of the loan will be used to finance Promsvyazbank’s loans to its customers for import or export of goods.

According to Aleksandr Levkovskiy, President of Promsvyazbank, the terms of the loan may serve as proof of growing investors’ trust in the Bank. "It is our largest and cheapest syndicated loan. Since the beginning of the year we have completed three syndicated loan transactions for a total amount of US$825 million which allow the Bank to keep its position among the leaders in trade finance and offer to our corporate clients the most competitive terms of lending," he added.