Главная » 2009 » Май » 27 » Samruk-Energy signs reduced loan but nets five participants
Samruk-Energy signs reduced loan but nets five participants
Samruk-Energy, the Kazakhstani state holding company, has signed banks into its loan after a struggle to get the deal syndicated and a reduction in size. Despite the difficulties faced by the arrangers, the loan is one of just a handful that has managed to attract commitments recently.
Launched at $400m in August, it is now split between a $215m tranche and a Eu80m piece, after five banks joined during syndication. The transaction was initially underwritten, but following the turmoil that hit financial markets in September it was instead syndicated on a best-efforts basis.
Barclays Capital, Calyon and HSBC were initial mandated lead arrangers and bookrunners.
Bankers close to the transaction said that participants withdrawing their commitments had hampered the process.
"It was a struggle as commitments came in and then fell out again," said one official.
The facility was syndicated against a backdrop of intense global financial volatility as well as in a particularly tumultuous period in the Kazakhstani banking sector. Since the deal was launched, the government has bought 25% stakes in the country’s top four banks.
This was done through Samruk-Kazyna, Kazakhstan’s newly established sovereign wealth fund, which combines the state-owned holding company Samruk — which controls the country’s oil and power assets and under which Samruk-Energy operates — and Kazyna, the state development fund.
Despite a flex upwards on the pricing by about 50bp during syndication — the all-in margin for the top ticket on offer was 225bp at launch — the transaction still struggled. But five banks came into the deal, which another banker said was a good result.
"If you look at other deals at the moment, getting this many people in is pretty good," the official said.
ATF Bank, China Development Bank, Intesa Sanpaolo and SMBC joined as mandated lead arrangers, while RZB was an arranger.