OREANDA-NEWS. October 24, 2012. Sberbank CIB1 extended “Belaruskali” a USD 1 bln loan with a three-year term2. The funds will be used for refinancing the company’s current syndicated bridge-loan.

Last November, Sberbank of Russia and Eurasian Development Bank provided “Belaruskali” with a one-year, USD 1 bln syndicated bridge-loan.

During 2012, Sberbank CIB and “Belaruskali” were engaged in working out an agreement regarding terms for refinancing the bridge-loan. Discussions led to several different refinancing options being considered: pre-export financing, a syndicated loan, or a direct loan.

As a result of the negotiations, the two sides agreed on financing with a cross currency swap. This allows the Belarusian side to receive an advantageous interest rate on the loan.

Sergey Pinchuk, Deputy Executive Director for Finance, Economics, and Management of JSC "Belaruskali," commented on the deal, “The loan deal for “Belaruskali” demonstrated the high level of professionalism of the two sides, and the well-coordinated work of both the Russian and Belarusian teams ensured completion of the deal in a very short period of time."

"The Republic of Belarus is a strategically important region for us and we are pleased that our services and products are in demand in this promising market," said Alexey Grenkov, Managing Director and Head of the Client Managers Division of the DCC.