Ukraine's Kredytprombank signs $42M EBRD loan: banks
Reuters Loan Pricing Corporation: Oct 13, 2006

The European Bank for Reconstruction and Development (EBRD) said it has signed a senior $42 million loan for Kredytprombank, which is the first ever syndicated loan beyond one year for a Ukrainian bank.

The deal has an A/B structure, with the $13 million three-year A loan provided from the EBRD's account and a $29 million, 18-month B loan that was syndicated arranger Cordiant Capital ($10 million), co-arrangers Anglo-Romanian Bank, HSBC and State Bank of India (all $5 million), and managers Mizrahi Tefahot Bank ($2 million), Banco Efisa ($1 million) and National City Bank ($1 million). The B loan incudes an 18-month extension option.

The B loan was oversubscribed by $9 million and the EBRD increased the overall amount by $13 million.

Proceeds will be used to extend short-to medium-term loans to the borrowers' private MSE/SME clients in Ukraine.

In August, Kredytprombank signed a $40 million, 364-day trade-related term loan via bookrunners Commerzbank, RZB and Standard Bank plc.

The deal, which pays a margin of 295 bps over LIBOR, was increased from $25 million after an oversubscription.
Kredytprombank is the 14th largest commercial bank in Ukraine with total assets of $980.6 million as of 1 July 2006.

It is rated B2 by Moody's.