Syndication of a US$125mn one-year facility for Turkey’s Kocbank has closed heavily oversubscribed and has been increased to US$180mn.

Proceeds will be used to pre-finance export contracts.

Mandated arrangers are American Express Bank, Bank of Tokyo-Mitsubishi (joint bookrunner), Citigroup, Commerzbank, Dresdner Kleinwort Wasserstein (facility agent, documentation), Landesbank Schleswig-Holstein, Natexis Banques Populaires, Standard Chartered (information memorandum), UFJ Bank, Wachovia Bank and WestLB (joint bookrunner).

The margin is 75bp over Libor. There are four levels of participation: co-arrangers for US$7.5mn at 105bp (ING and Union Bank of Norway); lead managers for US$5mn at 100bp (Commercial Bank of Greece, Gulf International Bank and RZB); managers for US$3mn at 92.5bp (CoBank ACB and Landesbank Baden-W írttemburg); and participants US$2mn at 90bp (Banca di Roma, Mashreqbank, Nordea, UBAE Arab Italian Bank, Rabobank and Swedbank).