GarantiBank International has signed a loan agreement with a syndicate of banks for a dual tranche term loan facility for Amsterdam-based GarantiBank International (GBI). Tranche A is for US$166,666,666,67mn and tranche B is for US$83,333,333.33mn.
Proceeds will be used by the borrower to finance export contracts.
Mandated lead arrangers are Alpha Bank, Bank Austria Creditanstalt, Banco BPI Cayman, Bank of New York, Bank of Nova Scotia, BayernLB, Erste Bank, HSH Nordbank, Mashreqbank, Natexis Banques Populaires, RZB, Standard Chartered, Wachovia Bank, and WGZ-Bank.
The facility was oversubscribed and increased to US$250mn and participants scaled back.
All the MLAs hace committed US$15mn, except for Bank of New York, Erste, RZB and Wachovia with US$13.8mn each, and WGZ-Bank with US$13mn.
Co-arrangers are: American Express Bank GmbH, Rabobank International, Banca Intesa and CoBank with US$6mn each and Caja Madrid with US$5mn.
Senior lead managers are: Hua Nan Commercial Bank, London, with US$4mn, and BBVA, Sampo Bank, OKO Bank, Landesbank Saar and KBC Bank NV Dublin with US$3mn each.
The maturity is one year for tranche A and two years for tranche B.
The margin is Libor plus 0.20% per annum for tranche A and Libor plus 0.375% for tranche B.
Natexis Banques Populaires and Standard Chartered acted as joint bookrunners. Bank of New York is facility agent.