Russia
Banks are being lined up to lead the new $1.5bn facility for steel company Severstal. The borrower, which has tapped the bond and loan markets this year, approached banks with a new request for funding a few weeks ago. Bankers said it was looking for a deal for between $1.5bn and $2.5bn.
Seven or eight banks are thought to have been picked to lead the transaction, and officials close to the facility said that banks were going through the process of getting credit approval.
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The loan for truck maker Kamaz, thought by bankers to be for about $200m, is set to come to market shortly, and could be launched as early as next week.
Citigroup was originally mandated to lead the facility, and BNP Paribas, ING and Société Générale are understood to have joined as bookrunners — although more banks are also thought to have joined ahead of launch.
The facility has a three year tenor and offers a margin of 275bp over Libor.
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The new loan for state-owned bank Sberbank is set to come to market next week, and the launch amount could total $1.2bn by the time it hits the market. Up to 12 banks are getting credit approval for the deal, although the group of mandated lead arrangers could end up being closer to 10. All the leads are understood to be looking to participate with $100m.
The deal will then be launched to a wider group of banks, with the idea of increasing the size of the loan. "It will be an attractive price for the market, definitely better than last time," said one official. "It’s not a club, although it sounds like one, but the idea to raise more from the market."
Bankers said there would probably be room for scale-backs for some of the leads.
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Ukraine
Calyon and ING have been mandated to arrange a 2-1/2 year, $125m facility guaranteed by Zaporizhia Automobile Building Plant (ZAZ). The borrower is in fact Lancroft Projects Limited, an affiliate of ZAZ in the UK. Proceeds will be used for refinancing and for general corporate purposes. The loan carries a margin of 375bp over Libor.
ZAZ operates in car manufacturing and distribution, and has more than a 70% market share in the total car production output of the Ukraine.
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Syndication of the $55m loan for Bank Nadra has been completed. The deal was a refinancing, led by BayernLB and Standard Bank. The facility pays 150bp over Libor and banks were invited to join on tickets of $7.5m for 155bp, $5m for 140bp, $2.5m for 130bp and $1m for 115bp.
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Mining and metals company Metinvest is pressing ahead with a new deal, after sending out requests for a $2.5bn acquisition-related bridge loan at the beginning of August.
A number of banks are being lined up to lead the loan, EuroWeek understands, with ABN Amro (RBS) rumoured to be leading the group.
However, many banks have distanced themselves from the facility, saying that it was too big a loan for a Ukrainian borrower at the moment. "Ukraine’s under pressure at the moment on all sides, on the political front, in their relationship with Russia, and because of worries about the economy," said one banker.
"There’s no real issue about the company, but it’s a big deal, and not many people will be able to get approval to underwrite something like that."
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Banks have been signed into the $42.5m loan for Bank Finance and Credit, after the deal was oversubscribed and increased from $30m.
Banco Finantia, BayernLB and Standard Bank were bookrunners and mandated lead arrangers.
The one year deal pays a margin of 195bp over Libor. During syndication, banks were offered mandated lead arranger tickets of $5m or more for 215bp, co-arranger tickets of $3m or more for 205bp, and lead manager tickets of $2m or more for 195bp.
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