MOSCOW, May 25 /PRRussia/ — The Russian Bank for Development (Russian acronym, RosBR) has signed an agreement to draw a $100-million syndicated loan at LIBOR+0.6% for a term of three years, including a two-year grace period.
The loan has been arranged by Citibank N. A. and Bank Austria Creditanstalt AG. The syndicate unified 12 international financial institutions from various countries worldwide. RosBR has drawn the loan to expand bank’s operations. The syndicated loan has more preferences than the debut loan drawn in April 2005. In particular,
the premium over LIBOR dropped 4.6 times and the amount of the credit doubled.
RosBR is to press ahead with its plans to draw more assets on international financial markets. According to a 2006 business plan, the bank’s program for external and internal borrowings has been endorsed at $500—700 million.
