OREANDA-NEWS. November 11, 2009. MDM Bank is pleased to announce that the Bank signed a USD 250 mln syndicated IFC B-loan facility. The Facility was launched at the initial amount of USD 175 mln equivalent, but was subsequently increased due to oversubscription and then scaled down to the final amount of USD 250 mln equivalent.  A total of 16 banks from 10 countries joined the Facility.  The interest rate for this Facility is 4% per annum over LIBOR/EURIBOR.

The Bookrunners and Mandated Lead Arrangers for the B-loan are: Calyon, ING, RZB, Standard Chartered Bank, and VTBD AG. The Mandated Lead Arrangers are Erste Group, State Bank of India, and WestLB.  The following banks acted as arrangers: AKA Ausfuhrkredit, Citibank, OCBC Bank, and Wachovia Bank.  Co-arrangers were Atlantic Forfaitierungs, Banque de Commerce et de Placements, London Forfaiting Company, and UBS.  IFC is the lender of record for the B-loan. 

MDM Bank will use the proceeds of this syndicated loan for trade-related financing and other trade-related projects undertaken by the Bank’s customers.

IFC remains in the A-Loan 4-year term facility for USD 35 million, which was signed in July 2008.

Commenting on the new loan facility, MDM Bank Deputy Management Board Chairman Vadim Sorokin said: “We are very pleased to announce the first international transaction for a privately-owned Russian financial institution since the beginning of the financial crisis. The success of the transaction demonstrates the trust and confidence in MDM Bank shown by the banks participating in this syndication.”