Frankfurt-based Akbank AG, a wholly-owned subsidiary of Turkey’s Akbank, has received a club loan equivalent to US$205mn for general trade financing purposes.
The one-year, dual-currency and dual-tranche facility had Standard Chartered and Wells Fargo as co-ordinating and documentary agents and Commerzbank as facility agent, and involved 19 international banks.
Priced at a margin of 0.50% per year, this loan replaces the existing €97.5mn and US$17.5mn (total US$150mn) club loan facility that was repaid on July 17, 2015.
Raiffeisen Bank International, Standard Chartered, Wells Fargo Bank and UniCredit participated as mandated lead arrangers; Commerzbank, DZ Bank as lead arrangers; Goldman Sachs, Aresbank and ING as arrangers; National Bank of Canada, Barclays, Bayerische Landesbank, Bremer Kreditbank, Citibank Nassau, KBC Bank, Landesbank Baden-Württemberg, Société Générale, VietinBank and Misr Bank as lead managers.
“The closing of the new facility with increasing number of banks and amounts shows that Akbank has an outstanding and growing reputation among its relationship partners,” says Banu Ozcan, CEO and chairman of the management board of Akbank AG.
Akbank AG operates under German law and is a member of the Federal Association of German Banks. It currently has an investment grade rating of BBB- from Fitch Ratings.