RODOVID BANK Attracted USD 20 mln Loan
OREANDA-NEWS. May 22, 2008. RODOVID BANK has signed a Loan Agreement for total of 20 million USD. The loan was granted by a dutch financial company FMO (NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V.) and German financial organization DEG (DEUTSCHE INVESTITIONS- UND ENTWICKLUNGSGESELLSCHAFT MBH). The 5-year loan has been signed with an option to prolong it further for additional five years. Under this Agreement the rate is LIBOR+3.95% for the first five years. Should it be prolonged for additional five years period, the rate will be LIBOR+4.95%. According to Olga Pidoprygora, the Vice-president of RODOVID BANK, the funds were attracted with the aim to finance mortgage program launched by the Bank. Also, FMO and DEG will grant credit line to RODOVID BANK until July 2008 for USD 25m.
According to Mr. Denys Gorbunenko, the Chairman of the Board of RODOVID BANK, the total amount of the external loans to be attracted by RODOVID BANK, can make USD 150-200m until the end of 2008.
It was previously reported that RODOVID BANK has signed an Agreement on May 13, 2008 under which it attracted syndicated loan for total of USD 10m. The major sponsor of this deal was Standard Bank Plc. Four financial institutions took part in this syndicate. The rate for that loan is 6M LIBOR+3%. The attracted funds will be used for general financing of the Bank’s activity.