Mandated lead arrangers (MLAs) Abu Dhabi Commercial Bank, Bank of New York (agent), Commerzbank, Demir-Halk Bank (Nederland), RZB, Standard Bank London (bookrunner and documentation), and Wachovia Bank have successfully syndicated and signed a US$50mn 364-day syndicated term loan facility for Turkey’s Anadolubank.
The transaction was launched at an amount of US$35mn and was very well received by the market. Syndication was closed with US$55mn raised from the market and the borrower decided not to take the total amount.
Anadolubank is a first time borrower in the international syndicated loan market.
The following banks joined the MLAs in the transaction:
Arrangers – American Express Bank; Finansbank (Holland)
Lead managers – Bank Austria Creditanstalt; Export-Import Bank of the Republic of China; Ziraat Bank International.
Participants – Banque Cantonale de Geneve; Banque Internationale de Commerce – Bred; Denizbank; Indoverbank; National Bank of Egypt; Pine Bank.
Proceeds of the facility will be used to pre-finance export contracts. The tenor is 364 days, with a bullet repayment at maturity. The margin is 85bp per year.