Mandated lead arrangers Arab Banking Corporation, American Express Bank GmbH, BayernLB, BHF-Bank, Citibank, Commerzbank, Dresdner Kleinwort Wasserstein (acting through Dresdner Bank Luxembourg, Erste Bank, Gulf International Bank, HVB Group, RZB, Standard Bank London, Sumitomo Mitsui Banking Corporation Europe and WestLB London have signed a debut US$120mn one-year term loan facility for Turkiye Sinai Kalkinma Bankasi (TSKB).
Given the positive response in the early phase of the transaction TSKB elected not to approach the general bank market.
TSKB is principally owned by leading commercial banks in Turkey, namely 53.3% by Isbank Group, 9.65% by Akbank Group and 8.37% by Vakifbank. TSKB is the largest privately-owned development and investment bank withinTurkey and as at 2004 year-end the bank had total assets of US$1.7bn and shareholders “equity of US$283mn.
Since its inception, the main focus of TSKB has been to provide medium and long-term financing to private sector companies, funded by multilateral institutions and ECAs.
In addition TSKB also provides short-term working capital loans to meet entrepreneurs “financing requirements. TSKB is currently rated BB- by Fitch.
The maturity is 364 days from the date of the first advance with a bullet repayment.
The margin is Libor plus 50 basis points.
WestLB is acting as co-ordinating arranger with BayernLB documentation and facility agent.