Yapi Kredi continues show of Turkish strength
Turkey’s Yapi Kredi has managed to pull in the equivalent of US$1.2bn in its annual syndicated loan with slightly more favourable terms compared to last year’s pre-eurozone crisis deal.
The dual currency loan is split between US$285mn and €687mn tranches which pay 100 basis points (bps) all-in over Euribor and Libor.
This is 0.3% less expensive all-in than the bank’s September 2010 US$1.25bn deal, though comes at a time when interbank lending costs have nudged up during a continued fiscal crisis in Southern Europe.
Furthermore, the loan is the same price that Akbank managed to secure for a similar debt package in August 2011.
Yapi Kredi will use the money will be used to refinance its 2010 loan, and for the bank to offer pre-export finance to customers.
A total of 42 banks joined the loan, with 19 of them stepping into senior mandated lead arranger (MLA) and MLA roles.
UniCredit was coordinating bank and documentation agent while WestLB was facility agent.
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