Absolut Bank Signed USD 90m Dual Tranche Syndicated Loan Facility
OREANDA-NEWS. April 07, 2014. Absolut Bank signed USD 90m dual tranche syndicated term loan facility.
OAO "ALFA-BANK", JSC VTB Bank, Sviaz-Bank and VTB Bank (Deutschland) AG acted as Initial Mandated Lead Arrangers and Bookrunners. Rosbank joined the deal as Mandated Lead Arranger and Commerzbank AG joined as Mandated Lead Arranger and the Facility Agent. The 1-year facility bearing an interest rate of LIBOR3M + 3.0% per annum will be used for general corporate purposes of Absolut Bank. As per facility agreement’s conditions the amount of syndicated loan may be increased by accession of new lenders.
Absolut Bank — full-service bank, founded in 1993. Main shareholder — Open Joint Stock Company "United Credit Systems" (affiliated with the non-state pension fund "BLAGOSOSTOYANIE").
Bank is in TOP-60 banks of Russian Federation by net assets at the end of 2013 (Interfax. Rating). Absolut Bank financial soundness is confirmed by the world’s leading credit rating agencies: Fitch Ratings & Moody’s. As of today, Absolut bank has B1 long-term local- and foreign-currency deposit ratings and A2.ru national scale rating by Moody’s. Fitch Ratings has assigned Absolut Bank Long-Term Issuer Default Rating ’B’ and National Long-term Rating of ’BBB+(rus)’.