FIRST BSTDB SYNDICATED LOAN FACILITY IS SIGNED

Press Release | 01-Dec-2004

Black Sea Trade and Development Bank (BSTDB) announce that a USD 60 Million Syndicated Term Loan Facility ('Facility') was signed on December 1, 2004 in Munich. The tenor of the Facility is 3 years and BSTDB will use its proceeds for the general funding purposes. This transaction is the first BSTDB long-term borrowing from commercial banks.

BSTDB has mandated Bayerische Landesbank (Germany) and SANPAOLO IMI S.p.A. (Italy) to act as Lead Arrangers for the Facility on a fully underwritten basis. The transaction was well received by the market and has generated an oversubscription.

Leading international commercial banks joined the Facility. General Bank of Greece SA, Natexis Banques Populaires, London Branch (France) and Raiffeisen Zentralbank Österreich Aktiengesellschaft (Austria) joined as Lead Arrangers, and Baden-Württembergische Bank AG (Germany) and Commerzbank Aktiengesellschaft (Germany) joined as Managers.

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 operations 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.