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Russia's VTB bank signs $1.4 bln syndicated loan
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| 24.06.2008 - RIA Novosti |
Russia's VTB bank signs $1.4 bln syndicated loan
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VTB Bank, Russia's second largest bank in terms of assets, said on Monday it had signed a $1.4 billion syndicated loan agreement.
The bank earlier said the loan would be raised in two tranches with maturities in three years and 18 months and would be used for general corporate purposes.
The three-year loan will carry interest of LIBOR plus 0.65% and the 18-month facility will be LIBOR plus 0.60%.
"The original sum was increased by $400 million," the bank said on its website.
VTB said it had mandated 10 banks, including the Bank of Tokyo-Mitsubishi UFJ, Barclays Capital (an investment division of Barclays Bank PLC), BNP Paribas, and Citibank to arrange the loan.
The three-year tranche will be provided by the organizers, while other banks and financial institutions will only give an 18-month tranche, VTB said.
VTB said earlier on Monday it plans to issue over $1 billion worth of Eurobonds in the fall.
"If market conditions are favorable in the fall, we will be certain to launch the placement," Nikolai Tsekhomsky, the state-controlled bank's financial director, said.
State-controlled VTB Bank and its subsidiaries comprise VTB Group, which provides banking services and products in Russia, the former Soviet republics, Western Europe, Asia and Africa. The group's assets stood at $92.6 billion as of January 1.
VTB's shares are traded on the Russian Trading System and MICEX stock exchanges, and also on the London Stock Exchange in the form of Global Depositary Receipts (GDRs). |
Issuer profile: VTB is a recognized leader of the national financial industry having gained a sustained competitive edge in all segments of the banking market. As of December 31, 2007 according to IFRS (consolidated), its shareholders equity totaled US$ 16.5 billion, enabling VTB to meet the Basle capital adequacy requirements with a safe margin. The assets of the Bank as of December 31, 2007 amounted up to US$ 92.6 billion.
The “Banker” magazine has ranked VTB the 116th among the world’s 1000 largest banks by capital.
Presently, the Government of the Russian Federation is the major shareholder of VTB, with its share accounting for 77.5%. In May 2007 during the IPO newly issued shares, representing 22.5% of VTB’s enlarged share capital, were allocated among Russian and international investors. The aggregate amount of funds raised approximated US$ 8 billion, making the VTB’s IPO the world’s largest public offering in 2007. It also proved to be most public in the history of the Russian stock market, since more than 120 thousand Russians have become VTB shareholders during the IPO.
As a result of the IPO, market capitalization of VTB, whose shares are now traded on the MICEX and RTS, as well as on the London Stock Exchange in the form of Global Depository Receipts, has exceeded US$ 35.5 billion. VTB authorized capital is presently RUR 67.2 billion./12.05.08
Outstanding issues:
9 issue(s) outstanding worth USD 6 838 300 000
5 issue(s) outstanding worth RUR 75 000 000 000
3 issue(s) outstanding worth EURO 2 500 000 000
1 issue(s) outstanding worth GBP 300 000 000
Issuer's rating:
| Moody's |
Baa1/Positive |
Int. Scale (foreign curr) |
07/18/2008 |
| National Rating Agency |
AAA |
National scale (Russia) |
07/01/2007 |
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