BCR raises $400m for 0.725% above LIBOR

Banca Comerciala Romana (BCR) – the Romanian Commercial Bank – got a 0.725% margin above the LIBOR benchmark interest rate for the $400 million (307 million euros) syndicated loan it will soon get through four investment banks. The arrangers of the loan are Bank Austria Creditanstalt, Calyon – the investment bank of French Credit Agricole Group, Citibank and the London-based branch of German bank WestLB. The four banks have committed to a full underwriting of the loan. According to BCR’s announcement, the selection of banks that will participate in the syndication will begin soon. The 400 million-dollar loan will be available for drawing in euros, depending on BCR’s needs. Half of the money will be used for an early repayment of the 200 million-euro syndicated loan taken out nearly a year ago on March 23, 2004; the remaining amount will be used for the general funding purposes of the bank. ZF