GarantiBank International (GBI) has closed a dual-tranche syndicated borrowing facility worth the equivalent of US$260mn (€177.5mn plus US$62.5mn).
The one-year facility was 16% oversubscribed, and will be used for general trade finance purposes. It pays all-in 65 basis points (bps) over three-month Libor/Euribor, which is 25 bps lower than last year’s facility.
Wells Fargo (co-ordinator and the documentation agent), Bayern LB (facility agent), Standard Chartered, ING and Goldman Sachs are the mandated lead arrangers.
“When the deal was in the market, GBI’s long-term deposit rating as assigned by Moody’s was Baa2. Soon after the syndication was closed, Moody’s announced the upgrade of GBI’s long-term deposit rating by two notches to A3 and further assigned A2/P-1 as counterparty ratings for long-term and short-term,” says a statement issued by the bank.
GBI is the Amsterdam subsidiary of Turkey’s Garanti Bankasi.