OREANDA-NEWS. January 22, 2008. JSC Russian Railways has received the first Tranche, under EUR 292.1 million financing package, signed with Deutsche Bank AG, which will be used to refinance the designing, construction and delivery of eight high-speed railway trains to be supplied by Siemens AG, the Deutsche Bank press service reports.

Deutsche Bank acted as sole mandated arranger and lender of this financing package which comprises two loan facilities: a 13.5-year EUR 249.8 million loan facility which enjoys insurance cover provided by EULER HERMES Kreditversicherungs-AG, Hamburg, acting on behalf and for the account of the Federal Republic of Germany and a 7-year EUR 42.3 million complementary loan facility.

The Hermes covered loan serves to refinance up to 85% of the supplies and services under the Siemens contract as well as up to 100% of the Hermes insurance premium. The complementary loan will be used to refinance the 15% down-payment under the Siemens contract as well as ancillary costs.