Sberbank CIB gave Belaruskali a $1 billion loan for a period of three years. The Belarusian company used the loan to refinance the syndicated bridge loan.
In November last year, Sberbank of Russia and the Eurasian Development Bank provided Belaruskali a syndicated bridge loan of $1 billion for one year.
In 2012, Sberbank CIB and Belaruskali were in talks harmonizing the terms of refinancing the bridge loan. The parties considered various options: pre-export financing, financing in the form of a syndicated loan, direct lending.
“As a result of the talks the parties decided in favor of the financing with integrated currency-interest swap. This scheme allowed for the interest rate acceptable for the Belarusian side,” said the Sberbank CIB press service.
“The loan deal shows a high level of professionalism of the parties, and the coherence in the work of the Russian and Belarusian teams ensured its speedy implementation,” Siarhiej Pinchuk, Belaruskali deputy general director for economy, finance and management, commented on the deal.
“The Republic of Belarus is a strategic region for us. We are pleased that our products and services are in demand in this promising market,” Alexei Grenkov, Managing Director and Head of the Division of Client Managers, Department of Corporate Clients, Sberbank of Russia, commented on the deal.
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