USD 60 Million Syndicated Term Loan Facility for BSTDB

Press Release | 10-Nov-2004

BayernLB and SANPAOLO IMI S.p.A. (together the "Mandated Lead Arrangers") are very pleased to announce that senior syndication of the USD 60 million Syndicated Term Loan Facility (the "Facility") for Black Sea Trade and Development Bank ("BSTDB") has now closed.

Senior syndication proved very successful, generating a small oversubscription, for what is the debut syndicated loan facility for BSTDB. In view of the borrower’s wish not to increase the Facility amount, the decision has been taken to cancel the planned general syndication.

Signing is scheduled to take place in the next few weeks.

Summary details of the transaction:

Borrower: Black Sea Trade and Development Bank

Amount: USD 60,000,000

Tenor: 3 years

Repayment: In full at final maturity

 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.