Turk Ekonomi Bankasi (TEB) has closed a US$125mn 364-day loan. The deal was oversubscribed and increased from US$75mn.

The joint arrangers are Alpha Bank, Bank of New York, Bank of Tokyo-Mitsubishi, Commerzbank, HVB, Natexis Banques Populaires, Standard Chartered, UFJ, Wachovia and WestLB.

Commitments of US$5mn or more pays a fee of 110bp; US$3mn or more 100bp; US$2mn or more 95bp; and US$1mn or more 90bp. The margin is 80bp.

The loan refinances a similar facility from 2002 and is to meet the pre-export and export finance requirements of TEB’s clients.