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MDM Bank to get syndicated loan

MDM Bank is processing the documents that will allow the company to receive a syndicated $175m loan coordinated by the IFC and a team of lead organizers, the bank’s press officer reports.

According to the preliminary terms of the one-year loan, the bank will have to pay a LIBOR+4% annual interest rate, with the money paid in one installment at the end of the loan period. This money is meant to support the bank’s trade financing projects.

The bank reports the International Finance Corporation (IFC), CALYON, ING Bank N.V., Raiffeisen Zentralbank Oesterreich AG, Standard Chartered Bank, and VTB Bank (Deutschland) are to act as the authorized lead organizers and the book-runners for the loan. The IFC is also the agent and the nominee creditor of the syndicate. The transactions will have been processed by September 2009.

Additionally, the IFC is still MDM-Bank’s creditor on the latter’s four-year type A $35m loan. This loan agreement was signed in July 2008.

‘We are happy to announce that this has been the first international transaction of such kind among the Russian private financial institutions since the start of the recession. We do hope this deal will re-open the international borrowing markets for the Russian banks,’ says MDM Bank’s Deputy Chairman of the Supervisory Board Vadim Sorokin.
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