DeltaLeasing raises $90 mln loan from OPIC
VLADIVOSTOK. April 5 (Interfax) - Vladivostok-based CJSC DeltaLeasing will raise a $90 million loan over seven years from U.S. investment company Overseas Private Investment Corporation (OPIC).
The Russian company told Interfax that the raised funds would be earmarked for increasing total lease financing to small and medium-sized businesses in Russia.
OPIC's board of directors approved the loan to DeltaLeasing on March 31.
The partnership of DeltaLeasing and OPIC commenced in 2005, when a loan guarantee worth $9.75 million was signed. In 2007, the partnership was still underway with the total transaction then equaling $20 million. "The new loan from OPIC is the first financing for CJSC DeltaLeasing following the onset of the world economic crisis. OPIC's decision indicates the serious trust our creditors have in the company's operations, as well as a being a signal for other potential investors," the CEO of DeltaLeasing, Oleg Rakitsky, was quoted as saying.
DeltaLeasing was founded in 1999. Since that time, the company has signed agreement for rents with real sector companies totaling $615 million. The company's leasing portfolio is estimated at $200 million. The company's main regions of operation are the Far East, Siberia and the Urals.
The main shareholder in the company is U.S.A.-Russia Investment Fund, a major American investment corporation, which manages Delta Private Equity Partners.