Raiffeisen Bank International AG, ZAO Raiffeisenbank and Acron signed documents increasing Acron’s club loan fr om USD 300 mn to USD 425 mn. The additional USD 125 mn will be issued in two tranches, a Tranche A of USD 25 mn and a Tranche B of USD 100 mn. The interest on Tranche B is 1M Libor+3.75% p.a.
The initial loan agreement for USD 300 mn was signed between Raiffeisen Bank International AG, ZAO Raiffeisenbank and Acron in July 2010 and structured as a pre-export finance deal. Acron took out the three-year term loan for general working capital purposes, as well as for a partial repayment of the company’s debt.
Raiffeisen Bank International AG acted as arrangers and lenders, underwriting the full amount of the loan. Raiffeisen Bank International AG also acted as the facility agent.
The loan was subsequently syndicated to the market in the fall of 2010 and was well received by investors:ING Bank N.V., Banca Intesa, VTB Bank (Austria) AG and ZAO UniCredit Bank joined the deal as lenders.
Key terms of the loan increase were agreed on between Acron, ZAO Raiffeisenbank and Raiffeisen Bank International AG (arranger, facility agent) and have been accepted by existing and future lenders (Nordea Bank, HSBC and SG will join the deal over the course of February 2011).
Oscar Valters, Acron’s Vice President for Finance, commented on the increased loan: “This successful club loan increase, arranged by Raiffeisen Group, allowed Acron both to raise additional funds thus improving its loan portfolio, and reinforce its position as a prime rated borrower in the credit market. Due to its stable financial management policy, Acron has a high credit rating and can quickly and efficiently raise funds for current operations and to finance its significant investment projects.”
Oksana Panchenko, Board Member, ZAO Raiffeisenbank: “Acron is a good example of a fast-growing company and a first-class borrower, which is confirmed by the increasing interest displayed by Russian and international investors. Successful closure of the club deal demonstrates Acron’s credit quality and also indicates that the Russian syndicated loans market is recovered.”
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on 2010 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 6th in terms of private deposits and 8th with regard to consumer lending.
Raiffeisen Bank International AG regards both Austria, wh ere it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. More than 59,000 employees service about 15 million customers through around 3,000 business outlets, the great majority of which are located in CEE. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.