Russia’s Bank Petrocommerce secures $106m syndicated loan

Bank Petrocommerce, the Russian bank founded by LUKoil and now controlled by IFD Capital, has secured a $106m syndicated term-loan facility.

The facility is a one-year term loan with bullet repayment and a margin of 150 basis points over Libor. The loan will be used for general corporate and trade finance purposes. The deal was oversubscribed in syndication, raising the sum from a launch amount of $75m to $106m.

Initial mandated lead arrangers included GarantiBank International, Landesbank Berlin, UniCredit, Standard Bank and WestLB.

Bank Petrocommerce is the 24th largest bank in Russia in terms of capital, but maintains close links with former owner LUKoil via Leonid Fedun. Fedun is Chairman of the Board, as well as LUKoil Vice President, and the main beneficial owner of IFD Capital along with LUKoil president and co-founder Vagit Alekperov.

The Bank is rated B+ by rating agency Standard & Poors and Ba3 by Moody’s.

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