OREANDA-NEWS. April 8, 2011. BTA Bank (further – “Bank”) announced the repayment of the first installment of USD 175 mln of Legacy Loan under the Revolving Committed Trade Finance Facility Agreement (further – “RCTFF”).

According to the terms and conditions of the RCTFF Agreement, Bank has to repay Legacy Loan in the following installments:

Repayment Date                       31.03.2011        30.09.2011        31.03.2012        30.09.2012       

Repayment Installment, USD     175 000 000      175 000 000      175 000 000      173 186 047,18

Payment of the first installment of Legacy Loan was made on March 31, 2011 in full amount and in accordance with the repayment terms. This enables the Bank to utilize repaid amounts through issuance of trade finance instruments and attract funding for financing of export and import contracts under these financial instruments.

Within this first repaid installment the Bank financed two deals for the total amount of approximately USD 1 mln. These deals became the first transactions under the RCTFF Agreement, which was concluded for three years with two years utilization period. Financing and confirmation of these deals were provided on competitive terms, which may result in further extension of the Bank’s customer base and regaining of the market positions in trade finance.

As announced earlier, RCTFF Agreement was concluded between the Bank and its creditors as part of the debt restructuring process, which was completed in 2010. The Lenders under this Agreement are represented by creditors, whose claims for principal amount of USD 698 186 047.18 were restructured under Senior Package 3 as outlined in the Restructuring Plan of the Bank. The purpose of the Facility is to enable the Bank to support the financing of Eligible Trade transactions. This Facility will allow the Bank to provide its customers with high quality Trade Finance services and products on competitive terms.