Nurbank JSC (Kazakhstan) borrowed the next syndicated loan

/IRBIS, Ranida Gabdeyeva, October 31, 05/ - Nurbank JSC (Almaty), whose shares and bonds are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, has spread press-release saying the bank signed an agreement with foreign banks syndicate about borrowing a syndicated loan for $100 m. Organizers of the loan are Citigroup (USA) and ING Bank (Netherlands). The bank says in the initial mandate it was said about $80 m. However during negotiations amount of bids exceeded $100 m. Number of syndicate participants (banks and investment companies) reached 30. Among them - banks of West and East Europe (17), Near East, India and Pakistan (8), North America (5). Interest rate is LIBOR+1.90% APR. Term of the borrowing is 1 year with the possibility of prolongation for 1 more year. The borrowed funds will be spent for financing commercial transactions of Nurbank JSC's clients - import of production equipment for various sectors of Kazakhstan economy, export of grain and mineral resources from Kazakhstan. The release says "the borrowed loan is the biggest by the amount loan of Nurbank JSC, given to it by foreign banks syndicate for trade financing. This is the second successful deal of Nurbank JSC on European market of syndicated loans in year 2005. The first one was made in April of 2005 for $65 m.". Them message says before borrowing the new loan for $100 m. Nurbank JSC successfully repaid a syndicated loan for $63 m., which had been borrowed in year 2004. [2005-10-31]