GarantiBank has renewed its annual syndicated borrowing facility, which this year amounts to US$250mn.
The facility will be used for global trade finance activities, has a one-year maturity and was self-arranged by the bank for the first time.
“Our new deal this year was aimed at our relationship banks rather than a general syndication. Therefore, we have decided to coordinate the deal ourselves,” a spokesperson for the bank tells GTR.
The facility drew in initial commitments of US$283.5mn, but was scaled back.
It replaces the US$127.5mn tranche of the former US$250mn one, which was signed last year in June.
The all-in yield to leading participants, committing US$30mn or more, was Libor plus 1.05% per year, while senior participants, committing between US$10mn and US$30mn, received Libor plus 1% per year. Participants with a stake below US$10mn obtained an all-in yield of Libor plus 0.95% per year.
19 lenders from 13 countries invested in the facility. The largest lender group by region consisted of banks from the Middle East and Asia, representing 33% of the facility amount. Eurozone lenders, North American lenders and other EU lenders followed with 28%, 20% and 19%, respectively.
Wells Fargo was the documentation agent while Bayerische Landesbank took the facility agent role. The other leading participants were Standard Chartered and Abu Dhabi Commercial Bank.
Senior participants were:
- Banca Transilvania,
- Korea Development Bank,
- Axis Bank, Citibank,
- Raiffeisen Bank International,
- The Export Import Bank of the Republic of China
- The Shanghai Commercial and Savings Bank.
- Abanca Corporacion Bancaria,
- Bank of America Merrill Lynch,
- Bank of Montreal,
- BNP Paribas,
- ING Bank,
- Misr Bank-Europe