Belarus
Belagroprombank has returned to the market for the second time this year with a $25m facility arranged by Banco Finantia, Credit Suisse and Intesa Sanpaolo. The one year deal has a one year extension option and carries a margin of 300bp over Libor.
Banks are being offered lead arranger tickets of $7.5m for150bp, arranger tickets of $5m for 140bp, co-arrangers tickets of$3m for 120bp, lead managers tickets of $2m for 110bp and manager tickets of $1m for 100bp.
The borrower was last in the market with a $40m loan signed in February. Banco Finantia, Commerzbank and UniCredit were mandated lead arrangers on the transaction, which paid 310bp and was oversubscribed and increased from $20m.
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Kazakhstan
The $2.5bn loan for oil and gas company KazMunaiGas (KMG), which was launched in early June, is set to close oversubscribed shortly. The borrower will not be taking an increase, however.
ABN Amro and Credit Suisse are co-ordinating the transaction. Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Deutsche Bank, SMBC, Société Générale and WestLB are also participating at the top level.
The loan pays a margin of 155bp over Libor. Banks are being offered tickets of $200m for 100bp, $100m for 85bp, $50m for 70bp and $25m for 60bp.
During syndication, banks were offered early bird fees of 5bp if they committed before June 27. The commitment due date had been July 4.
The facility refinances a $3.1bn bridge loan from January.
The mandate for Halyk Bank’s $200m facility is set to be finalised shortly. Six banks are expected to lead the transaction. Banks close to the deal said that term sheets were still being worked through but that the deal was set to come to market soon.
The borrower is expected to pay a hefty premium compared with when it came to market last September. Then it had to cut its deal from $400m to $300m after a poor response in syndication.
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Russia
Bank Zenit has sent out a request for a new $170m loan. Proceeds are for refinancing purposes.
The borrower was in the market earlier this year with a $218m facility signed in May. That transaction, led by BayernLB, Commerzbank, Erste Bank, Landesbank Berlin and RZB, was oversubscribed and increased from $150m.
The one year loan paid a margin of 145bp over Libor but the all-in pricing for the top ticket on offer was 290bp. The smallest ticket paid fees of 100bp.
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The $100m facility for European Bearing Corporation, led by BNP Paribas, Commerzbank and HSBC is to be launched into syndication today (Friday). The borrower manufactures ball bearings.
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The $125m facility for Eurasian Development Bank has closed, after scoring a big oversubscription during syndication. The loan was more than 2-1/2 times oversubscribed, bankers close to the transaction said, and the borrower is expected to take the full increase. The loan will be signed in early August.
It was launched in mid-June by leads ING, SMBC, RZB and WestLB.
It is the borrower’s third syndicated loan. The deal has a two year tenor and pays a margin of 100bp over Libor.
The EBD is a joint Kazakh-Russian venture set up in January 2006 to enhance co-operation in the region. The borrower recently said it has big expansion plans in coming years, in its geographical reach and in terms of its lending book.
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Bankers said this week that a loan of up to $300m was being prepared for electricity generating company OGK-1, although the mandate has not yet been signed.
Barclays Capital, BNP Paribas, Commerzbank, HSBC and ING have been linked with the transaction. It would be OGK-1’s debut deal.
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The $370m loan for the Moscow Electricity Grid, Moesk, will be signed today (Friday).
The deal was initially going to be increased to $360m from $300m but another bank came into the deal at the last minute, and signing was delayed so the facility could be further increased.
Barclays Capital, BNP Paribas and ING are bookrunners, while WestLB is a mandated lead arranger. The two year deal pays a margin of 250bp over Libor.
Proceeds will refinance the company’s 2008 investment programme and the facility will be launched into syndication shortly.
Russia’s United Energy Systems is the majority shareholder in Moesk, while the City of Moscow and state owned oil and gas company Gazprom also have stakes.
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The Eu40m facility for Moscow Bank for Reconstruction and Development, led by WestLB, has been signed. The deal has a six month tenor with a six month extension option and pays a margin of 160bp over Euribor. During syndication, banks were offered tickets of Eu5m, Eu3.5m, Eu2m and Eu1m for fees of 120bp, 110bp, 100bp and 85bp.
Credit Europe Bank and Raiffeisenbank are mandated lead arrangers. Indover Bank and FBN Bank are co-arrangers. Banque BIA, Commerzbank, Garantibank International and Vakifbank International are managers.
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Promsvyazbank is in the market with a $175m, one year facility, which was launched into syndication last week. Commerzbank, Emirates NBD, ICICI Bank, ING and RZB are mandated lead arrangers and bookrunners on the transaction, which pays a margin of 120bp over Libor.
Banks are being offered mandated lead arranger tickets of $20m for 130bp, senior lead arranger tickets of $15m for 120bp, lead arranger tickets of $10m for 110bp and arranger tickets of $5m for 95bp, and manager tickets of up to $5m for 80bp.
The borrower was last in the market at the end of April and the margin has already jumped since then — its last $175m facility paid a margin of 100bp. BayernLB, Calyon, HSBC, Oversea-Chinese Banking Corp and UniCredit arranged that deal, which was increased from $150m.
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Banks have been signed into the $130m loan for Troika Dialog, after it was oversubscribed and increased from $100m. The one year deal pays a margin of 175bp.
ING and Standard Bank were mandated lead arrangers and bookrunners. HSBC joined as a mandated lead arranger, while Citigroup, Commerzbank, Dresdner Kleinwort, JP Morgan and Nomura were co-arrangers. BNP Paribas, Deutsche Bank, Hypo Alpe-Adria Bank and RZB were lead managers.
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Banks have been signed into a $150m facility for Ursa Bank, after it was increased from $50m. Calyon, ICICI Bank and RZB were bookrunners. The one year transaction pays a margin of 160bp.
In all 19 banks joined the loan, and proceeds will be used to finance export-import transactions.
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Banks were signed into the $1.6bn facility for Novolipetsk Steel (NLMK) on Wednesday (June 16). The deal was oversubscribed during syndication and increased from $1.5bn.
BNP Paribas and Société Générale were bookrunners and initial mandated lead arrangers and Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, SMBC and UniCredit also joined as bookrunners and mandated lead arrangers during senior syndication. ABN Amro and Fortis Bank were mandated lead arrangers.
Proceeds will refinance debt at the group’s recently acquired Maxi Steel subsidiary.
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