ZAO Raiffeisenbank and Raiffeisen Zentralbank Österreich AG (RZB) have signed a US$ 300 million loan facility agreement with Acron.
Acron obtained the three-year loan to finance its current business operations and partially refinance its current debt. The interest rate on the loan is LIBOR+4.15%. The loan will be repaid in thirty equal monthly instalments after the end of a seven-month grace period.
Investors have already shown interest in the transaction, which is structured as a pre-export finance facility. Raiffeisenbank and RZB are the arrangers and lenders having underwritten the total loan amount. RZB is also the Agent.
Acron Vice President for Finance Oscar Valters: “We would like to thank Raiffeisen for their excellent work arranging this transaction, which has raised significant funds for Acron Group. The beneficial transaction terms are still further proof that Acron is a first-rate reliable borrower on the debt capital market. Besides, the favourable loan market environment helps streamline the Company’s debt structure.”
Raiffeisenbank Board Member Oksana Panchenko: “Acron is one of the first companies in the mineral fertiliser sector that have entered the syndicated (club) loan market this year. The chosen secured pre-export loan structure ensured the success of the transaction. I believe the club loan arranged by Raiffeisen will be another milestone in our cooperation with Acron.”
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on Q1 2010 results (Interfax-CEA). Raiffeisenbank is recognized as a leader on the Russian corporate bond market. In 2001-2009 Raiffeisenbank acted as a lead manager or co-manager for 163 corporate bond issues with a total nominal value of RUR 582 billion.
Raiffeisen International Bank-Holding AG, the owner of Raiffeisenbank, operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group's nearly 56,000 employees service around 15 million customers via more than 3,000 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB), which owns 72.8 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group.