Turkey’s Yapi Kredi has won a syndicated dual-tranche term loan facility worth US$1bn.
The loan, which will be used to pre-finance customers of the bank’s exports and export contracts, is split into a US$324mn tranche and a €516mn tranche (US$681mn), both with a tenor of one year.
Furthermore, the facility amounts to 150 basis points (bps) over Libor, a 100bps decrease from April 2009’s US$410mn facility that the bank signed.
A syndicate of 51 banks representing almost 20 countries raised the club deal, with Germany’s Commerzbank acting as coordinator and Wells Fargo working as documentation and facility agent.
Sinem Dogu, head of correspondent banking and international capital markets for Yapi Kredi, tells GTR: “Achieving an amount exceeding US$1bn, the largest amount we have finalised since the global crisis, is a testament of the strong performance of Turkish banks and the solid banking relationships of Yapi Kredi.”
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