Project description
and objectives:
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The EBRD is considering providing a senior loan of RUB 480 million to DeltaLeasing, a leasing company operating in the Russian Far East, Siberia, the Urals and extending its regional presence to other Russian regions. The loan will consist of two equal tranches: the first tranche will be used for refinancing existing hard currency debt of the company and replacing it by Rouble borrowing and the second tranche will be used for financing new business and extending product offering.
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Transition impact:
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The transition impact potential of the Project arises mainly from its support of the important market participant with the ability to withstand the financial crisis. This transaction will have a strong demonstration effect as the first transaction with a leasing company in Russia after the crisis. Moreover, the proposed loan will improve the balance sheet structure of the company and allow it to mitigate its FX risk as well as extend its product offering and competitiveness.
The Project will strengthen the development of private companies in the economically challenged regions by promoting financial intermediation and increasing the level of available medium-term resources primarily to SME sector.
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The client:
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DeltaLeasing (“DL”), a Russian leasing company established in 1999 and owned by The U.S.-Russia Investment Fund (TUSRIF) (99.9% undiluted), with indirect participation of the company’s employees through employee stock-option plan (10.4% on fully diluted basis). The company is headquartered in the Far East, has wide regional presence nationwide, focusing on Siberia, Far East, the Urals and Central Russia. With the portfolio of USD 200 million, it was ranked number 23 by the size of its leasing portfolio as of end-September 2009.
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EBRD finance:
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Term loan of RUB 480 million (USD 16.7 million equivalent).
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Total project cost:
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RUB 480 million (USD 16.7 million equivalent).
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Environmental impact:
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DeltaLeasing will be required to comply with EBRD’s Environmental Procedures for Leasing which require adherence to the Bank’s Environmental Exclusion and Referral List, compliance with the applicable national environmental, health and safety requirements and submission of an Annual Environmental Report to the Bank.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr. Gregory Sundstrom, Chairman
e-mail: gregorys@deltaleasing.ru
Mr. Oleg Rakitsky, CEO
e-mail: rakitsky@deltaleasing.ru
Telephone: 4232 – 491221
Fax: 4232-491220
Website: www.deltaleasing.ru
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EBRD contact:
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Ekaterina Grigorieva, Operation Leader: grigorie@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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Public Information
Policy (PIP):
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The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations.
Text of the PIP
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Independent Recourse
Mechanism (IRM):
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The EBRD has established the IRM to give local groups that may be directly and adversely affected by a Bank project a means of raising complaints or grievances with the Bank, independently from banking operations.
Guidelines for Making a complaint and the Rules of procedures
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