Tekstil Bank signs multi-currency syndication

Tekstil Bankasi in Turkey has signed a US$300mn-equivalent multi-currency syndicated term loan facility. The borrowing is intended to be used for trade finance activities of the bank.

The facility is divided into a 364-day US$156mn tranche, and euro-denominated tranche of €87.5mn, with a tenor of two years.

The dollar tranche pays a margin of 65 basis points, and tranche B pays a margin of 90bp. Repayment is due in bullet form.

The deal was coordinated by Emirates NBD, and speaking at the signing ceremony in Istanbul, Abdul Wahed Al Fahim, general manager, whole banking – Emirates NBD, comments: “Conclusion of this highly successful and strategic transaction for Tekstilbank represents yet another example of Emirates NBD’s continued commitment towards providing its debt capital market arrangement capabilities to quality institutions across the globe.
He adds that the bank is keen to pursue further business in Turkey. “Having established a leadership position as the number one arranger of debt capital market transactions from the Middle East, Emirates NBD remains committed to further expand and demonstrates these capabilities globally. Being located in close proximity and having strong ties with both Europe and the Middle East, Turkey represents a very attractive market for us and we will continue to explore attractive business and strategic opportunities in the country.”

The following banks took part in the transaction: American Express Bank; Arab Bank; BMI Bank; Banque Misr:  BayernLB;  Commercial International Bank (Egypt);  Commerzbank;  Emirates NBD;  Erste Bank ; Gulf International Bank;  Hypo Alpe-Adria-Bank International;  JPMorgan Chase Bank;  Mashreq PSC;  The Governor and Company of the Bank of Ireland ; Wachovia Bank, National Association; Dexia Bank;  National Bank of Greece London Branch;  AKA Ausfuhrkredit Gesellschaft;  Citi; Landesbank Baden-Württemberg;  Oyak Anker Bank;  Standard Chartered Bank; The Bank of Nova Scotia; National City Bank;  Ziraat Bank International;  Banca Monte dei Paschi di Siena;  Banca UBAE; Bank of Montreal ; EMRO Finance Ireland (Banca Popolare dell’Emilia Romagna Banking Group); Habib Bank AG Zurich, Dubai, UAE; Intesa Sanpaolo, London Branch; KBC Bank (Dublin),  Rabobank International and Zürcher Kantonalbank.