BSTDB raises funds in the international capital market
Press Release | 27-Aug-2007
BSTDB raised USD 150 million through a syndicated term loan facility (the Facility) to finance its operations in the Black Sea region.
The Facility, which was launched at US$100 million was well received by the market and substantially oversubscribed. BSTDB elected to increase the Facility to US$150 million and to scale back lender commitments with the balance. The Facility has two equal tranches of US$75 million with tenors of three and five years.
The Facility is fully underwritten by the Mandated Lead Arranges - Intesa Sanpaolo S.p.A. (Italy) and Natixis (France).
Joining the Mandated Lead Arrangers in general syndication were the following international banks acting as Arrangers: Commerzbank Aktiengesellschaft, Dresdner Bank AG, Erste Bank der oesterreichischen Sparkassen AG, GENERAL BANK OF GREECE S.A., KfW Bankengruppe, Landesbank Baden-Württemberg, London Branch, LRP Landesbank Rheinland-Pfalz, Sumitomo Mitsui Banking Corporation Europe Limited, WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank, Zürcher Kantonalbank. Kommunalkredit International Bank joined as a Co-Arranger. Lead Managers in the syndication were Bayerische Landesbank, Caixa Geral de Depósitos, S.A., and The Export-Import Bank of the Republic of China.
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Intesa Sanpaolo S.p.A is a leading Italian banking group with a strong presence in the syndications market and proven expertise in arranging facilities both for companies and financial institutions across the EMEA region.
Natixis is one of the largest banks in France and a major participant in the international financing markets. Through its subsidiary Coface, it is one of the world’s leading providers of credit insurance and credit management services.
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 authorized capital of SDR 1 billion (approx. USD 1,5 billion), BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.