Moscow, 18 July 2008 – MDM Bank is pleased to announce that today the Bank
signed a USD 535 million syndicated term loan facility, split between IFC A and IFC B
Loans.
The IFC A-Loan is a 4-year term facility with a one-year grace period for USD 35 mln.
These funds will be used to support MDM Energy, the Bank’s energy-efficiency
lending program for small businesses. The A-Loan facility is provided directly by IFC.
The IFC B-Loan is for USD 500 mln and is a one-year term loan with bullet repayment.
Funds from this loan will be used to support trade-related financing or other traderelated
projects of the Bank’s clients. The IFC B-Loan was syndicated to commercial
banks.
The A-Loan:
• MDM and IFC launched the MDM Energy program in November 2007, and a
total of 19 deals totaling USD 9 mln have been financed or approved to date;
• The projects already financed are expected to save 50,417 MW/year and
reduce CO2 emissions by 11,416 tons/year;
• The new USD 35 mln loan facility will enable the expansion of the MDM
Energy program to meet growing demand for the product, with projects
amounting to USD 20 mln already in the pipeline.
The B-Loan:
• The B-Loan was launched at the initial amount of USD 500 million and was
closed at USD 590.5 million due to oversubscription. Subsequently, it was
scaled down to the final amount of USD 500 million;
• A total of 27 banks from 18 countries joined the facility;
• The interest rate for this IFC B-Loan is 0.90% per annum over LIBOR;
• The USD 500 mln sum makes this the largest syndicated loan IFC has ever
arranged in Russia
The initial mandated lead arrangers for the IFC B-Loan are IFC (International Finance
Corporation), CALYON, Commerzbank Aktiengesellschaft, DZ BANK, Frankfurt am
Main, Emirates NBD, Erste Bank der Oesterreichischen Sparkassen AG, ING Bank N.V.,
Intesa Sanpaolo SpA, Korea Development Bank, Raiffeisen Zentralbank Oesterreich
AG, Sumitomo Mitsui Finance Dublin Limited, and Wachovia Bank. CALYON, Erste
Bank, ING and RZB acted as joint bookrunners. Other banks joining the IFC B-Loan
are: Alpha Bank A.E., The Governor and Company of the Bank of Ireland, Agricultural
Bank of Greece SA, Banco Bradesco Luxembourg S.A., First Gulf Bank PJSC, Piraeus
Bank S.A., WGZ BANK AG, Agricultural Bank of China, Banco Itaú BBA, Bank Leumi Le
Israel B.M, BankMuscat S.A.O.G., BANQUE BIA, Pohjola Bank plc, State Bank of India,
Zúrcher Kantonalbank and Citibank N.A.
Commenting on the new loan facility, MDM Bank CEO Michel Perhirin said: “This
deal marks two important achievements for MDM: First, the success of the energyefficiency
product line introduced about a year ago. The USD 35 mln A-Loan facility
will enable us to build upon this success and to expand our energy efficiency lending
program. MDM Energy is important both for continued successful expansion in the
small business sector, but also as part of our desire to expand MDM Bank’s
sustainable business practices. Second, the USD 500 mln B-Loan represents a serious
vote of confidence in MDM Bank – it is the largest ever by IFC in Russia, and is the
largest deal by a private Russian-owned bank since August of 2007. We are
extremely pleased with the level of interest from investors, and look forward to
putting this funding to work for our clients in the nearest future.”
Jyrki Koskelo, IFC Vice President for Europe, Central Asia, and Global Financial
Markets, said, “IFC provides Russian banks with longer-term credit lines designated
for on-lending to companies to help upgrade their old, energy-intensive equipment.
We also provide advisory services to help banks and their clients maximize their
investments in energy efficiency. These investments have a very high economic rate
of return for Russia as they offer the least expensive method to both improve
competitiveness of industries as well as increased production / exports due to saved
energy.
MDM Bank is one of our main partners in Russia. It began rolling out its energy
efficiency finance product across the country last year, and we are pleased to
strengthen our cooperation by supporting its activities in sustainable energy.”
|
