14 June 2006

The Web
Business Today

Fimbank signs USD60 million syndicated trade finance facility

FIMBank plc, the Malta–based trade finance bank, successfully concluded its second Syndicated Term Loan Facility Agreement for USD60 million with Standard Bank plc and San Paolo IMI S.p.A as the Mandated Lead Arrangers.
A selected number of international banks and financial institutions will make available to FIMBank a US dollar term loan facility in an aggregate amount equal to the total commitments of USD60 Million. The transaction is for a duration of twelve months and the proceeds will be used to support the FIMBank Group global trade finance activities.
After the acclaimed success of last June’s USD30 Million syndicated loan agreement, 100% oversubscribed from an initial launch amount of USD15 Million, FIMBank approached the Euroloan Market for the second time.
Standard Bank and San Paolo IMI, recognizing FIMBank’s rising profile in international markets, took on again the role of Mandated Lead Arrangers and signed up prominent international banks to the Facility on behalf of FIMBank. The syndicate consists of an aggregate of 28 lenders from 22 countries and underlines the wide geographical range of institutions that are willing to provide funding to Malta’s FIMBANK. The transaction was vastly oversubscribed and reached USD76.5 Million from an initial launch amount of USD50 Million. FIMBank, adopting a prudent approach, resolved however to scale down the Syndicated Loan Facility to a final take of USD60 Million.
Nassif A. Chehab, Head of Financial Institutions, responsible for coordinating the syndication at FIMBank, stated that this success and the prominent list of participants is a further proof that FIMBank has gained recognition from other international financial institutions. The fact that the syndication oversubscribed to USD76.5 Mio is a testimony of FIMBank’s credentials and its ability to access global markets.
Margrith Lutschg-Emmenegger, President of FIMBank was very pleased with the results and stated that this is a further milestone in the development of FIMBank and the results of the syndication is a manifestation of the confidence that the international banking community has vested in FIMBank and Malta.

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