Published: December 20, 2012
Russian state development bank secures a three-year syndicated loan.
Vnesheconombank (VEB), the Russian state development bank, has secured US$800mn in a three-year syndicated loan. The club deal, with a rate of six-month LIBOR +1.4%, was oversubscribed.
Lead arrangers and bookrunners on the deal were Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, BNP Paribas, Citibank NA, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, HSBC Bank, ING Bank, JP Morgan and Mizuho Corporate Bank. The coordinator and paying agent was Bank of Tokyo-Mitsubishi UFJ.
The loan will be used to refinance a syndicated loan raised by VEB in January 2010, as well as ongoing investment projects.
VEB is charged with the development of Russia’s economy and also manages the country’s sovereign debt and pension funds.