UniBank to get $83 million foreign finance package

UniBank to get $83 million foreign finance package
# 07 May 2009 11:10 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. The EBRD is considering providing a finance package of up to USD 83 million to Unibank in the form of equity, convertible bonds and senior debt. The package is envisaged to be co-financed by Deutsche Investitions- und Entwicklungsgesellschaft mbH (‘DEG’), the Netherlands Development Finance Company (‘FMO’), and the Development Bank of Austria (‘OeEB’).

The financing will support one of Azerbaijan’s leading independent commercial banks, strengthen its capital base and maintain availability of credit to the real economy.

EBRD will provide Unibank with USD 37 million new financing in the form of :
• Senior Debt in the amount of USD 18.5 million ( the remaining USD 32.5 million to be financed by DEG, FMO, and OeEB)
• Convertible Bond in the amount of USD 17.5 million (the remaining USD 7.5 million to be financed by DEG)
• Equity investment in the amount of USD 1.1 million
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THE OPERATION IS BEING PERFORMED