Promsvyazbank prepays US$ 175 million syndicated loan16.03 | 2009
On 9 March 2009, Promsvyazbank (PSB) prepaid the US$ 175 million syndicated loan. As per the terms of the loan agreement, the loan was due on 24 April 2009. “A high level of liquid assets that the Bank has accumulated recently has allowed us to take the decision to prepay the syndicated loan facility,” said Artem Konstandian, PSB First Vice-President. “The prepayment will certainly be taken positively by international financial institutions, and will raise confidence in PSB on the part of international financial institutions”. The 12-month syndicated loan in the total amount of US$ 175 million was raised by PSB in April 2008. The lead managers of the deal included Bayerische Landesbank, Calyon, HSBC Bank plc, Oversea-Chinese Banking Corporation Limited, andUniCredit Markets & Investment Banking as represented by Bayerische Hypo- und Vereinsbank AG. The interest rate was Libor + 1%. The funds were used to finance foreign trade operations of PSB clients.
About Promsvyazbank OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB407.6 billion, and total capital of RUB46.7 billion under IFRS as of 30 September 2008. Holding company Promsvyaz Capital B. V. owns 84.68% of the Bank, the remaining 15.32% are owned by Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service (stable outlook); “BB-” from Standard & Poor's (negative outlook); “B+” from Fitch Ratings (stable outlook). As of 1 February 2008, the regional network of the Bank in Russia encompassed about 170 sub-branches, 48 branches and 1 representative office; a foreign branch in Cyprus; and foreign representative offices in Kyrgyz Republic, Ukraine, China, and India.
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