Azerbaijan, Baku / Trend corr I. Khalilova / The International Bank of Azerbaijan (IBA) has signed an agreement on the attraction of the syndicated credit for the amount of $140mln. Leading international banking businesses; Bayern BL, Calyon and UniCredit Group acted as Mandated Lead Arrangers. As a result, BayernBL was appointed the Facility Agent, and Calyon and UniCredit Group were appointed as Bookrunners for this Facility.
In general, twenty-five banks from various countries in the world participated in syndication, with Credit Europe Bank N.V., CitiGroup N.A., National Bank of Dubai PJSC, GarantiBank International N.V., Bank Hapoalim B.M., Sumitomo Mitsui Banking Corporation Europe Limited and many others among them.
According to the deputy president of the IBA, Emil Mustafayev , the credit was the fourth syndicated one received so far. The credit differs from the previous ones as a result of economic growth in the country, as well as the increase of rating both in Azerbaijan and the bank.
The credit was allotted for 364 days at LIBOR+ 0.7% rate (LIBOR exceeds 5%), while commissions make up 0.6%. The credit is intended for corporative purposes. The bank has already defined the directions for the financing of projects (energy and infrastructure fields).
The representative of the Bank Austria, Thomas Sommer , indicated a great interest of foreign banks to finance the IBA, which will increase the credit from the predicted $80mln to $140mln. In 2001, a syndicated credit came to 400 pounds (LIBOR+4%), whilest the last one came to 70 pounds (LIBOR+0.7%).
The share of the Bookrunners , BayernBL , Calyon , UniCredit Group, comprises €10,167mln, the share of other banks rates from €2.5mln to €10mln.
The total amount of credits of the IBA accounts to some $300mln.