OREANDA-NEWS. July 05, 2011. OJSC Nordea Bank joined the pool of 8 international banks providing a credit facility of 550 million US dollars as a co-arranger, reported the press-centre of Nordea Bank.

The credit facility comes in 3 tranches to be drawn down by November 2011. The Bank’s contribution is 73.6 million US dollars.

The credit facility has the structure of a loan with the fixed interest rate of 3.5% per annum. The interest is payable on a semi-annual basis and the principal – balloon payment in 3 years. The deal is unique, as the facility agreement includes a hedging mechanism, whereby the Borrower’s fixed rate is switched to the floating rate for the lenders’ risks mitigation purposes.

The intended use of the borrowed funds – general corporate needs.