29 Oct 2010 17:37

Sberbank to start syndicating $2-bln loan at Libor + 2 bp next week - source

MOSCOW. Oct 29 (Interfax) - Sberbank has named Barclays as the coordinator for a three-year syndicated loan of $2 billion, a source in banking circles told Interfax.

A source close to Sberbank told Interfax that the syndication would be launched next week and that the deal should be closed by the end of the year.

The source said interest on the loan would be Libor+150 basis points. He said the syndicate included ten banks which he declined to name.

Sberbank started to discuss a possible syndicated loan of $1 billion-$2 billion with foreign banks at the beginning of October.

Sberbank placed $1.5 billion in five-year LPN at 5.499% p.a. in July. The LPN mature on July 7, 2015.

A three-year syndicated loan of $750 million that Sberbank raised in December 2007 at Libor+0.45% comes due in December this year. Sberbank had the opportunity to prolong this loan by two years at the same interest.