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,
“We 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.”
“This 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
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 Österreich AG (€13.5 million) as Mandated Lead
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.