USD 60 Million Syndicated Term Loan Facility for BSTDB
Press Release | 27-Oct-2004
As a result of the expansion of its activities, the Black Sea Trade and Development Bank (BSTDB) has mandated BayernLB and SANPAOLO IMI S.p.A. to arrange, on a fully underwritten basis, a USD 60 Million Syndicated Term Loan Facility, representing its debut syndicated loan facility. The tenor of the transaction is 3 years. BSTDB will use the proceeds of the facility for general funding purposes.
Bayerische Landesbank (BayernLB) is one of the largest banks in Germany with a consolidated balance sheet of EUR 313 billion as per 31 December 2003. The bank has its headquarters in Munich. BayernLB is jointly owned by the Free State of Bavaria and the Association of Bavarian Savings Banks, each with a 50% stake. BayernLB is an active and renowned player in the loan syndication market world-wide as an arranger, underwriter and lender. The bank is particularly active in Germany, Western Europe, Central and Eastern Europe as well as Scandinavia through its syndication team in Munich. BayernLB was voted "Best Arranger for Financial Institutions" in 2002 and 2003 in the Euromarket by banks polled by the renowned magazine EUROWEEK, London.
SANPAOLO IMI S.p.A is a leading Italian banking group headquartered in Turin, with 123 foreign branches / representative offices and consolidated total assets in excess of EUR200 billion. The Group has a strong presence in the syndications market and proven expertise in arranging facilities both for corporates and financial institutions across the EMEA region. The current Long Term credit rating of the SANPAOLO IMI Group is Aa3 with Moody's, A+ with Standard & Poor's and AA- with Fitch.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorised capital of SDR 1 billion (approx. USD 1.5 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. As at end of September 2004, project financing and corporate lending represent over 80% of the Bank's commitments, with short term trade financing accounting for 14% of the portfolio. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody's.