IFC and EBRD Mobilize Financing for Expansion of Pulkovo Airport in Russia
In Washington D.C.:
Zibu Sibanda
Phone: (202) 4136998
E-mail: zsibanda@ifc.org
In Moscow:
Nezhdana Bukova
Phone: +7 (495) 411 7555, ext 2026
E-mail: nbukova@ifc.org
Washington, DC, July 19, 2010€”IFC, a member of the World Bank Group, and the
European Bank for Reconstruction and Development have jointly raised ‚200
million from a group of eight commercial banks for the reconstruction and
expansion of St. Petersburg€™s Pulkovo airport.
Ritva Laukkanen, IFC Director of Syndicated Loans and Management, said, €œWe
are very satisfied with the results of the syndication for the renovation of
Pulkovo airport. This is Russia€™s first public-private partnership project
financed with private money, and its success is a sign of the growing interest
of international investors in helping develop the country€™s infrastructure.
€
€œThis is the first Russian public-private partnership transaction financed by
commercial lenders, and the fact that this benchmark transaction for a landmark
Russian infrastructure project was heavily over-subscribed sends a positive
signal about the market€™s potential appetite for such deals€, said Lorenz
Jorgensen, EBRD Director of Syndications.
The syndication brings the overall amount raised by IFC and the EBRD for the
Pulkovo project to ‚370 million. Both institutions remain the lenders of
record for the full amount under an A-/B-loan structure. The maturity of the
syndicated loans is 12 years.
On April 28, 2010, IFC committed a ‚70 million loan for its own account in
the project, while the EBRD committed ‚100 million for its own account. The
maturity of both loans is 15 years. The IFC-EBRD funding is part of a long-term
debt package of about ‚716 million put together by five international
financial institutions and Russia€™s Bank for Development and Foreign Economic
Affairs Vnesheconombank to finance the building of a new terminal at Pulkovo.
The Pulkovo airport project is the first public-private partnership transaction
for Russia€™s transportation sector designed in accordance with international
standards.
The commercial banks participating in the ‚200 million B-loan are: UniCredit
(‚55 million) , Standard Bank (‚39 million), Espirito Santo Investment (
‚23 million), Nordea Bank (‚23 million) as Bookrunners and Mandated Lead
Arrangers; and DZ BANK AG (‚17 million), KfW IPEX-Bank (‚16 million),
MEDIOBANCA - Banca di Credito Finanziario S.p.A. (‚13.5 million), and
Raiffeisen Zentralbank –sterreich AG (‚13.5 million) as Mandated Lead
Arrangers.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape
poverty and improve their lives. We foster sustainable economic growth in
developing countries by supporting private sector development, mobilizing
capital for private enterprise, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org
For more information about EBRD, please visit www.ebrd.com.
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