Business | Banking
Emirates NBD joins Black Sea bank loan
Greece-headquartered lender seeks $90m syndicated term facility to refinance debt.
- Staff Report
- Published: 23:49 August 10, 2008
Dubai: Black Sea Trade & Development Bank (BSTDB) has mandated Bayerische Landesbank (BayernLB), Emirates NBD, Intesa Sanpaolo (ISP) and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE) to arrange a $90 million syndicated term loan facility.
BSTDB is an international financial institution established as a multilateral development bank under a UN registered treaty in 1994. The bank is headquartered in Greece, and the shareholders are Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russian Federation, Turkey and Ukraine.
Tranches
The syndicated facility will comprise two tranches with maturities of one year (Tranche A) and two years (Tranche B), respectively. The facility pays a margin of 70 basis points for Tranche A and 100 basis points for Tranche B.
Proceeds under the facility will be used by BSTDB to refinance its $150 million syndicated term loan facility dated November 22, 2007 taken for general corporate funding purposes.
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