BSTDB syndicated loan raises USD 325 million

Press Release | 19-Sep-2008

BSTDB raised USD 325 million and EUR 20 million through a syndicated loan facility signed on 18th September 2008. The facility will be used for funding the Bank’s activity in the countries of the Black Sea region.

Bayerische Landesbank (“BayernLB”), Emirates NBD PJSC (“Emirates NBD”), Intesa Sanpaolo S.p.A. (“ISP”) and Sumitomo Mitsui Banking Corporation Europe Limited (“SMBCE”) acted as lead arrangers for the facility.

Despite difficult market conditions, the Facility was extremely well received, achieving an impressive oversubscription of 261% over its launch amount and closing at USD 325,000,000 with participation from 31 banks from across the globe.

“It is the biggest amount we have raised so far”, stated Hayrettin Kaplan, BSTDB President, adding that “we are happy to see the growing support that we receive from the European banking market, for our operations in the Black Sea region, with banks from the Middle and Far East also participating in the syndication”.

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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. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4.8 billion). BSTDB is rated Long Term Baa1 with a positive outlook and Short Term P2 by Moody’s.