OREANDA-NEWS. On August 08, 2007 Open Joint Stock Company Credit Bank of Moscow (“the Borrower”/“Credit Bank of Moscow”) signed an 18 month US$30,000,000 Car Loans Receivables Backed Syndicated Term Loan Facility, reported the press-centre of Credit Bank of Moscow.

Standard Bank Plc and ZAO Standard Bank acted as Mandated Lead Arrangers for the Facility. Standard Bank Plc acted as Facility Agent and as Bookrunner for the Facility.

The proceeds will be used towards the financing of the Borrower’s present and future portfolio of car loans.

This Facility is a renewal of the first ever syndicated loan in Russia secured on a pool of selected car loans. The one of a kind structure tailored for this deal can be regarded an alternative for securitization. The deal carries a margin of 1,85% per annum and is 18 month extendible. The Facility was well received and generated a 20% oversubscription in the market.