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Case studies

KEGOC, Kazakhstan

EBRD provided the state-owned Kazakhstan Electricity Grid Operating Company (KEGOC) with a US$ 400 million syndicated unsecured loan to finance the second stage of the modernisation of substations and high-voltage equipment to ensure the efficiency, reliability and safety of Kazakhstan’s transmission system. The project is the first signing under the Sustainable Energy Action Plan (SEAP), launched by the Government of Kazakhstan and the EBRD, to promote the conservation and rational use of energy resources as well as the efficient and sustainable supply of power and energy in the country.

Given market conditions, it is noteworthy that demand by participants at the 15-year tenor exceeded availability, which resulted in substantial scale-backs at the 12 and 9-year tenors in order to maximise the 15-year tranche availability. This highly successful syndication is expected to send a reassuring signal to the investment community in Kazakhstan, as well as to international investors in Kazakhstan, in currently challenging market circumstances.

The EBRD provided half of the loan to KEGOC with the remaining €127.5 million being syndicated under an A/B loan structure, to financial institutions, namely: Bayerische Landesbank, Dexia Credit Local, Unicredit Group, RZB, Banca Infrastrutture Innovazione e Sviluppo S.p.A, Cordiant Capital, Calyon and Kommunalkredit International Bank.

SeverStal, Russia

A €600 million unsecured loan was made to OAO SeverStal, Russia's leading steelmaker - the loan is being used to finance its energy efficiency programme. SeverStal is one of Russia's biggest energy consumers and this programme will help it reduce its annual promary energy consumption by 5-10 per cent. An impressive achievement in the current market, €450 million was syndicated (in 2 stages, the initial €150 million in December 2007 to the three underwriters Calyon, ING Bank N.V., and Raiffeisen Zentralbank Oesterreich AG, and a further syndication - on a best efforts basis - of €200 m to a group of 15 banks, launched in January and closed in April 2008). €100 m over and above the amount targetted by the company was secured, demonstrating that despite the current tighter credit conditions strong support remains available for blue chip Russian borrowers with a strong record and clear business strategy. The tenor was 10 years for the EBRD A loan (of €150 million) and 7 years for the whole B loan.

Bank Eskhata, Tajikistan

A US$ 1.2 million one-year revolving credit line (RCL) was provided to OJSC Bank Eskhata of Tajikistan as part of a US$ 35 million framework facility to support the restructuring of Tajikistan’s agricultural sector. Funds provided under the RCL will be on-lent to farmers for seasonal working capital requirements.

Bank Eskhata, a commercial bank incorporated in Tajikistan, is one of the most dynamic banks in Tajikistan and to date, has based its strategy and growth on providing financial services to micro and small enterprises (MSEs). Bank Eskhata now operates from its Head Office and a branch in Khujand and a further seven branches in Dushanbe, Kanibadam, Isfara, Chkalovsk, Istaravshan, Penjikent and Kurgan-tube. In addition to branches, Bank Eskhata has also developed a network of more then 60 outlets and service points giving it good country-wide coverage.

Bank Eskhata was the first bank to join the EBRD’s Tajikistan Micro and Small Finance Facility (TMSEFF) in 2003 and it has since become the largest provider of MSE loans under the programme

The loan has an A/B loan structure and a tenor of one year. EBRD holds US$ 700,000 on its own account and the B loan of US$ 500,000 was syndicated to SNS Institutional Microfinance Fund, an investment fund managed by Developing World Markets

Volkswagen, Russia

EBRD's largest (equivalent of €750 million) Russian Rouble funded syndicated loan to date was made to OOO Volkswagen Rus, a Russian registered limited liability company 89.8 per cent owned by VW AG and Skoda. The loan is also the largest ever made in the EBRD's history. VW Group is the largest auto manufacturing group in Europe and ranks amongst the top five in the world. Syndication was launched a week before the recent credit turmoil started and the transaction which would have been closed otherwise within 2-3 weeks, took over three months to be closed. However, it was successfully closed - 11 banks committed and the deal was oversubscribed by 13 per cent. The EBRD A loan (Rb equivalent of €150 million) has a tenor of 10 years and the B loan (Rb equivalent of € 600 million) 8 years.

The EBRD facility will finance the construction of a greenfield plant near the city of Kaluga for the production of VW and Škoda models with a new assembly line, body shop and paint shop which will make Volkswagen one of the largest foreign direct investors outside Russia’s oil and gas sector. The new plant will eventually create thousands of jobs in the region and will involve large-scale technology and skills transfers. This will help stimulate competition in the Russian auto sector as well both draw foreign parts suppliers to Russia and provide a new but demanding market for their domestic counterparts.

Kyiv Transport

A €60 million loan was made to Kyiv PasTrans of the City of Kyiv (“Kyiv PasTrans”) and a €40 million loan to Kyiv Metropolitan of the City of Kyiv (“Kyiv Metropolitan”). The loan to Kyiv PasTrans will be used to finance new buses and trolleybuses and the loan to Kyiv Metropolitan will be used to finance new metro trains.

Each loan is structured on an A/B loan structure with the EBRD holding 60 per cent as an A Loan and the B lenders (Depfa Investment Bank Ltd, Dexia Credit Local, and Hypo Investbank AG) holding 40 per cent of each loan. This is the first municipal loan to be syndicated in Ukraine by EBRD - both loans are to companies owned by the municipality.

ACBA Credit Agricole Bank, Armenia

ACBA-CA was founded in March 1996 to finance the development of the agricultural sector in Armenia as a result of a joint initiative by the Government of Armenia and the European Union. Its primary strategic focus is on providing financial services to micro and small enterprises (MSEs) with a particular focus on rural areas. Though ACBA was created in order to focus especially on the agricultural sector, over time it has diversified into providing services to MSEs in urban areas.

The senior unsecured loan of US$12 million (US$ 6 million from EBRD and US$ 6 million from Microfinance European Rolling Loans Fund S.A., a special purpose vehicle establised in Luxembourg by Citigroup to hold loans to SMEs and MSEs) will enable the Company to expand its lending operations to micro, small and medium-size enterprises in Armenia, including those in rural and remote areas which currently have little or no access to bank loans.

This is the first loan to be syndicated to an Armenian Financial Institution (and is the 2nd loan to be ever syndicated in Armenia, an Early Transition Country). EBRD syndicated the first loan in Armenia in 2004 to Armenia Copper Programme. Through its micro and small enterprises programmes, the EBRD has supported over one million small enterprises throughout eastern Europe, Russia, central Asia and the Caucasus. Across its countries of operations, the EBRD has committed over US$ 1 billion to 105 financial institutions to facilitate US$ 15 billion in loans to micro and small businesses in the region.

Saratov, Russia

A US$ 48.5 million loan was made to OOO Investitsionno-Ipotechnaya Kompania (a special purpose limited liability company incorporated in Russia) in order to develop, construct, own and operate the Saratov Shopping Centre, a family-oriented inner-city community shopping centre with a gross built area of 55,120 sq m and a gross leasable area of 27,400 sq m. Saratov is one of the largest industrial and commercial centres in the Volga region, some 850 km to the south-east from Moscow. Total project costs are US$ 79.7 million of which US$ 31.27 million (39.22 per cent) will be contributed in cash or in-kind (land) by the Sponsor. The EBRD A/B Loan is financing 60.8 per cent of the project costs.

The syndication of the transaction turned out to be extremely challenging. The 13-year tenor of the B loan and the fact that the project is not located in the Moscow region has been an obstacle for most of the eight banks who were invited after RZB AG - who had initially committed for the full B loan - pulled out. Due to the potential delay for the signing of the project, EBRD underwrote the B Loan with the condition to sell down. US$ 22.4 million of the loan was successfully sold down in October 2007 to Cordiant Capital and Investkredit AG.

Last updated 14 May 2010


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