A club of more than 30 banks has come together to provide Turkey’s VakifBank with its first syndicated loan with a tenor in excess of a year since before the global crisis began.
The dual tranche dual currency loan, worth the equivalent of US$726mn, will be used for general corporate purposes including trade finance.
The A tranche of the loan is for US$145mn and carries a margin of 75 basis points (bp) over Libor.
The dollar-denominated tranche is set to mature in one year.
The B tranche comes to €453mn and has a two-year maturity with a 115bp price tag.
This is the first syndicated loan with over a one-year maturity for VakifBank since 2006.
In total, 31 banks committed to the loan, which saw WestLB as initial mandated lead arranger.
The Bank of Nova Scotia, BTMU, Commerzbank, Goldman Sachs, Intesa Sanpaolo, Standard Bank, Standard Chartered, SMBC and Wells Fargo all joined as mandated lead arrangers.
Last Updated September 03, 2010
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