Global Ports Group USD 238,400,000 Senior Term Loan Facility
OREANDA-NEWS. Global Ports Group has completed a long-term USD 238.4 mm syndicated facility via a club of banks.
The financing was arranged by ING Bank N.V. (ING), ZAO Raiffeisenbank and Raiffeisen Bank International AG (RBI) (together RBI Group) (jointly Mandated Lead Arrangers).
ING acted as Facility Agent, Documentation Agent and Passport Bank, ZAO Raiffeisenbank acted as Local Security Agent and Depositary, RBI acted as International Security Agent.
The syndicated facility was provided by the banks to support the acquisition by Global Ports of 100% of the share capital of NCC Group Limited (NCC). Closed on 27 December 2013 the transaction is the largest ever in the Russian container market. The acquisition of NCC and its terminals strengthened Global Ports' position in the growing Russian container market and as a result of the transaction the enlarged Global Ports is now the largest container terminal operator in Eastern Europe.
The loan was structured as a corporate loan with elements of M&A financing and has a maturity of 7 years, with 3-year grace period. The proceeds of the facility were used by Global Ports for partial financing of the NCC acquisition and for general corporate purposes.
Allen & Overy LLC (through its Moscow and London offices) acted as legal advisors on behalf of the lenders and Freshfields Bruckhaus Deringer LLP (through its Moscow and London offices) acted as legal advisors on behalf of the company.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 12th among the Russian banks in terms of assets, based on Q3 2013 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.
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