OREANDA-NEWS. June 30, 2011. Sviaz-Bank has acted as managing underwriter and agent for underwriting a 3.5 billion rubles syndicated loan issued to Belvnesheconombank, Minsk, Belarus, for a term of one year. The borrower will pay an 8.25% interest for using the loan during this period, reported the press-centre of Sviaz-Bank.

Bank VTB OJSC and Globexbank CJSC are lead co-managers of the syndicate.

At the end of book building, the total bids were 500 million rubles larger than the original intended loan figure.

Belvnesheconombank wants to use the borrowed funds to give loans to Belarusian enterprises and carry out projects in support of Russian export to the Republic of Belarus.

Belvnesheconombank OJSC is a subsidiary of Russia’s Vnesheconombank.

Belvnesheconombank has been assigned ratings by leading international agencies –Fitch Ratings (long- and short-term issuer default ratings in foreign currency at B/B, individual rating at D/E, and support rating at4) and Standard & Poor's (long-term rating in national and foreign currency at B and short-term rating in national and foreign currency at B). On December 31, 2010, Belvnesheconombank had USD 1,630.4 million in assets and an authorized capital of USD 201.7 million. Vnesheconombank holds a 97.42% interest in Belvnesheconombank’s authorized capital.