Bank Aval Prepaid Additional USD 150 mln of Syndicated Loan Facility
OREANDA-NEWS. On 17 March 2009 was announced, that the Open Joint Stock Company "Raiffeisen Bank Aval" had recently prepaid an additional USD 150 mn of the Syndicated Term Loan Facility in the total amount of USD 500 mn.
Thus, as of today, Raiffeisen Bank Aval has repaid early USD 400 mn of the two-year syndicated loan facility, which was granted in April 2007 and comprises a geographically diversified group of investors represented by more than 40 international financial institutions.
As previously reported, Raiffeisen Bank Aval already repaid USD 250 mn to the syndicate’s investors earlier this year.
"We have planned these payments beforehand by accumulating the required funds in the bank, in accordance with our liabilities servicing plan for the current year. There is no doubt that we will service all other transactions in time and in full", noted Gerhard Boesch, Raiffeisen Bank Aval’s Deputy Chairman of the Board and CFO.
Boesch also pointed out that according to Raiffeisen Bank Aval’s plan for 2009, the bank intends to repay the remaining portion (USD 100 mn) of the above-mentioned syndicated loan facility upon its maturity on 19 April 2009.
Apart from the above-mentioned syndicated loan facility, Raiffeisen Bank Aval will also repay another USD 83.5 mn by the end of July 2009. This sum represents the first tranche of a two-tranche syndicated loan for a total amount of USD 200 mn that Raiffeisen Bank Aval signed in July 2008. The loan’s second tranche in the amount of USD 116.5 mn is due in July 2010.
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