UBRD gets $30m syndicated loan

5 August 2014 (13:03)

August 5, 2014. The Ural Bank for Reconstruction and Development (UBRD) got a $30m syndicated loan; the deal was coordinated by Alfa-Bank, the bank’s press service reports.

The contract under English law was signed by the Ural Bank for Reconstruction and Development and Alfa-Bank on June 17, 2014. Alfa-Bank acts as the original creditor, the deal-maker, and the paying agent. Bayerische Landesbank Munich acts as the agent bank.

The credit line has been opened for two years since the date the loan agreement was signed. The borrowing party is allowed to take out sums for three, six, nine, and twelve months. The money has to be paid back in a single installment at the end of each tranche period.

On July 31, 2014, the first tranche was issued to the UBRD within this contract. The amount was $16m. Two of Russia’s major banks, Bank ZENIT and Promsvyazbank, were also parties to the tranche as they signed a Transfer Certificate with Alfa-Bank within the English law right of claim regulations.

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