Amsterdam-based GarantiBank International (GBI) has closed a €250mn-equivalent (€136mn and US$127.5mn) dual-tranche syndicated borrowing facility.
The one-year facility, which attracted 22 investors from 12 countries, was initially oversubscribed by 35% but scaled back. It pays all-in 75 basis points (bps) over 3‐months Libor for the US dollar tranche and 60 bps over 3‐months Euribor for the euro tranche. This is 10 bps above last year’s dollar tranche and 5 bps below last year’s euro tranche.
Mandated lead arrangers for the deal were Wells Fargo (co-ordinator and documentation Agent), Bayern LB (Facility Agent), Standard Chartered, Goldman Sachs, ING, Raiffeisen Bank International, The Korea Development Bank. Lead arrangers were Banca Transilvania, CITI and UniCredit.
Meanwhile, managers were Rabobank, WGZ Bank, BNP Paribas, Commerzbank, Deutsche Bank, KBC Bank, Bank of America Merrill Lynch International, Harbin Bank, National Bank of Canada, Rietumu Banka, Bank of Montreal and Banco Popular Espanol.
GBI is a subsidiary of Turkey’s Garanti Bankası.