ABN Amro, Bank of Tokyo-Mitsubishi, BayernLB, Standard Bank London and WestLB as mandated lead arrangers have closed syndication for a US$200mn one-year term loan facility for Turkiye Ihracat Kredi Bankasi (Turk Eximbank).
Having been fully underwritten by the mandated lead arrangers the transaction was launched at US$150mn and raised over US$300mn of commitments, with the borrower deciding to sign the facility at US$200mn.
Following a successful senior syndication during which Calyon, HSH Nordbank, ING, Natexis Banques Populaires and Standard Chartered joined as lead arrangers the transaction was then launched into general syndication during which a further 31 financial institutions joined the facility.
The term is 364 days. There is an extension option: the facility may, at the absolute discretion of the lenders, be extended for a further period of 364 days from the initial maturity date. There is a bullet repayment, while the margin is 100bp per year.
Fees: Senior co-arranger – 100bp for US$10mn.
Co-arranger – 90bp for US$7.5mn.
Lead manager – 80bp for US$5mn.
Manager – 70bp for US$2.5mn.
Arrangers are: Calyon; HSH Nordbank; ING; Natexis Banques Populaires; Standard Chartered.
Senior co-arrangers: ABC International; Abu Dhabi Commercial; Anglo Irish Bank; Demir-Halk Bank (Nederland); Emirates Bank International; Gulf International Bank; Melli Bank; Sumitomo Mitsui Banking Corporation Europe.
Co-arrangers: Banque Internationale de Commerce-BRED, Geneva; Erste Bank (Malta); Magyar Klkereskedelmi; Sabanci Bank.
Lead managers: Banco BPI Cayman; Bank Sepah International; Bank fr Arbeit und Wirtschaft; Commercial Bank of Qatar; Finansbank (Holland); GarantiBank International; Landesbank Hessen-Thringen; Indover Bank; Israel Discount Bank of New York; Arab Investment Company.
Managers: Bank of Overseas Chinese; Banca Intesa London; The Governor & Company of The Bank of Ireland; BMCE International; Bre Bank; CGD-Sucursal Financeira Exterior; Landesbank Saar; UBAE Arab Italian Bank; Tunis International.