27 Feb 2010 16:16

Promsvyazbank seeks $150 mln syndicated loan

MOSCOW. Feb 27 (Interfax) - Promsvyazbank has sent requests for proposals for a syndicated loan to several foreign banks, banking sector sources told Interfax.

The bank plans to borrow around $150 million in several tranches. It is thought the first tranche will be a three-year tranche provided by the European Bank for Reconstruction and Development (EBRD), and that the second one will be repayable in 12 months and be provided by commercial banks.

The funds will be used to repay a three-year A-tranche of $215 million of a syndicated loan arranged with the EBRD's participation. The tranche is due to be repaid in April. The overall loan size is $300 million. The second tranche is due to be repaid in 2012. The book-runners for the second tranche were the EBRD, Calyon, HSBC and RZB. The syndicate included 33 banks.

Promsvyaz Capital B.V. owns 72.93% of Promsvyazbank, Commerzbank Auslandsbanken Holding AG owns 15.32% and the EBRD owns 11.75%.

The bank was Russia's 10th largest by assets, according to the Interfax-100 ranking at the end of 2009.