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Calyon-CIB-MFB consortium wins MÁV financing tender

Hungarian railway company MÁV Zrt announced on Wednesday it selected a consortium of Calyon Corporate and Investment Bank, CIB Bank Rt and the Hungarian Development Bank Rt (MFB) to provide a €144.6 million loan to finance its purchase of 30 suburban rail vehicles from Switzerland's Stadler.

The consortium will provide a 14-year floating-rate loan for the purchase. MÁV will repay the loan in equal quarterly installments after a 33-month grace period. The loan is to be repaid in euros and the interest rate is pegged to the three-month Euribor. The 30 Flirt trains will serve as a collateral.

 

MÁV invited the financing tender on November 3, 2005 and shortlisted four bidders in January.