ZAO Raiffeisenbank, Raiffeisen Bank International AG, and JSC «Acron» signed legal documentation increasing Club Loan up to USD 425 mn. The company attracts additional USD 125 mn in two tranches in the amount of USD 25 mn (Tranche A) and USD 100 mn (Tranche B) respectively. Tranche B pays 3.75% p.a. over Libor.
Initial Loan Agreement for USD 300 mn was signed between Raiffeisen Bank International AG, ZAO Raiffeisenbank and JSC «Acron» in July 2010. Club Loan has been structured as a pre-export finance deal. JSC «Acron» attracted a three-year term loan, the proceeds of which shall be used for general working capital purposes as well as for a partial repayment of the company’s financial indebtedness.
ZAO Raiffeisenbank and Raiffeisen Bank International AG acted as Arrangers and Lenders, underwriting full amount of the Loan. Raiffeisen Bank International AG also acted as a Facility Agent.
The loan was further syndicated to the market in fall 2010 and was well perceived by investors: ING Bank N.V., Banca Intesa, VTB Bank (Austria) AG and ZAO UniCredit Bank joined the deal as lenders.
Main terms of the facility increase were agreed between the company, ZAO Raiffeisenbank and Raiffeisen Bank International AG (Arranger, Facility Agent) and were accepted by existing and potential lenders to the club – Nordea Bank, HSBC and SG will be joining the deal in the course of February 2011.
Oscar Valters, Acron Vice President for Finance said: «Successful implementation of transaction on extension of the amount of club credit, arranged by Raiffeisen Group, allowed Acron not only to attract additional financial resources, thus improving the company’s loan portfolio, but also to consolidate our position of credible prime rated borrower in credit market. Due to its balanced financial management policy Acron has high credit potential enabling it to conduct prompt and efficient fundraising required to finance its current business activity and implement company’s significant investment projects».
«JSC Acron is a good example of rapidly growing company and a high-class borrower, which is confirmed by the interest that Russian and international investors alike take in the company. The successful closing of the deal has proven Acron's high credit worthiness and a gradual revival of syndicated lending in Russia», - said Oxana Panchenko, member of the board of ZAO Raiffeisenbank, head of corporate banking and corporate finance directorate.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on 2010 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 6th in terms of private deposits and 8th with regard to consumer lending.
Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. More than 59,000 employees service about 15 million customers through around 3,000 business outlets, the great majority of which are located in CEE. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.