Turkish bank Garanti has closed a US$700mn syndicated dual tranche loan. The loan was raised via 35 of the bank’s key relationship banks.
The facility replaces Garanti’s US$215mn and €282mn deal signed in December 2008.
The new facility pays a margin of 1.5% per year and has a maturity of one year. The deal marks the first deal to reach a renewal rate of over 100%. The proceeds of the loan will be used by the borrower to prefinance export contracts.
According to the bank, total commitments to the facility were US$1bn, with scalebacks ensuring the dollar trance closed at US$151.6mn and €365.6mn.
Commerzbank Aktiengesellschaft was the documentation agent and Commerzbank International is the facility agent.
The following banks joined the facility:
Senior mandated lead arrangers: Standard Chartered and Wachovia Bank
Mandated lead arrangers: Banc of America Securities; BNY Mellon, The Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ; Bayerische Hypo- und Vereinsbank (a member of Unicreditgroup); Citi; Commerzbank Aktiengesellschaft; Deutsche Bank; Goldman Sachs International; HSH Nordbank; ING Wholesale Banking; Intesa Sanpaolo; J.P. Morgan; Rabobank International and Sumitomo Mitsui Banking Corporation Europe.
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