Barclays made coordinator of Sberbank's syndicated loan - source
MOSCOW. Oct 28 (Interfax) - Barclays is the coordinator of a syndicated loan for top Russian bank Sberbank , a source in banking circles told Interfax.
The bank might finish raising a syndicated loan worth over $1 billion in the coming two weeks, Sberbank's director for trading financing and financial institutions, Andrei Ivanov, told journalists earlier this week. He said that he bank is now agreeing on the final terms for the loan.
The Russian daily Kommersant reported on Friday, citing several sources, that the loan, which might reach $2 billion, will have a rate of LIBOR+1.85% including commissions. The monthly rate and commission size has still not been set. A total of 20-30 banks are taking part in the syndicate.
The banks are ready to provide financing as long as Sberbank, in turn, presents them mandates for organizing other transactions. In other words, the banks will get ancillary business for taking part in the syndicate.
It was earlier reported that Sberbank, with the help of this loan, plans to substitute a three-year syndicated loan worth $1.2 billion, which was raised in October 2008 and set for payment at the start of October of this year.