Gomelglass wins Trade Finance’s Deal of the Year award

Date: 8 July 2009
Source: Gomelglass
A financing project of the Gomel-based glassware manufacturer Gomelglass has won Deal of the Year award of the Trade Finance Magazine, Belagroprombank representatives told BelTA.

The €96.6 million project provides for starting up the production of polished glass sheets by Gomelglass.The deal was crosslinked via Belagroprombank as part of a €98.9 million individual credit agreement signed by Belagroprombank, AKA Ausfuhrkredit-Gesellschaft mbH and BHF-Bank Aktiengesellschaft on conditions stipulated by the national export credit insurance agency Euler Hermes (Germany).The deal is the largest one on the Belarusian market in the area of attracting long-term financing using coverage of insurance agencies.The insurance coverage decision was made by Euler Hermes outside of Belarus’ country limit. The sum of the deal itself essentially exceeds the country limit.

Both financing conditions (the loan repayment term is set at ten years) and the structure of the deal, which provides for escrow payments, are unique. It is important that the financing is attracted without giving Belarusian government guarantees to the foreign bank.

The Trade Finance Magazine (Euromoney Group) awards companies and credit and financial institutions on an annual basis for the development and utilisation of trade financing innovative structures in several nominations.

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