Last Updated March 31, 2010
A syndicate of 55 banks from over 20 countries has signed a multi-currency dual-tranche term loan facility for Turkey’s Akbank.
The facility was originally targeted to raise US$200mn and €288mn, but a soaring oversubscription rate of over 200% saw the two tranches rise to US$437.5mn and €584.5mn.
The loan, which has a margin of 1% per year and a 12-month maturity, will be used by the bank for a number of general trade finance purposes.
Acting as coordinating bank and documentation agent was Standard Chartered, while Wells Fargo had a role as facility and publicity agent.
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