A dual-tranche term loan facility for Turkish bank Deniz, launched at US$500mn, has attracted commitments in excess of US$760mn. Despite this oversubscription, at the borrower’s request, the facility was scaled back to US$650mn (see GTR, Nov/Dec 2005, p105). A total of 78 banks committed, including the 25 mandated lead arrangers.

Mandated lead arrangers are: ABN Amro, Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Alpha Bank, American Express Bank GmbH, Arab Banking Corporation, Arab Investment Company, Bank of New York, Bank of Tokyo-Mitsubishi, Citigroup, Commerzbank, Demir-Halk Bank (Nederland), Fortis Bank, HSH Nordbank, HVB Group, JPMorgan Chase, Mashreqbank, National Bank of Egypt (UK), RZB, SG Corporate and Investment Banking, Standard Bank Plc, Standard Chartered, UFJ Bank, Wachovia Bank, and WestLB AG, London.

Tranche A is for US$300mn and is for “pre-export and export finance requirements of the borrower’s customers”, while tranche B is for US$350mn and is for financing the “trade-related requirements of the borrower’s customers”.
The margin is 0.45% per year for tranche A and for tranche B it is 0.80%.

Co-arrangers are: Bank of Novia Scotia; Bayerische Landesbank; Burgan Bank; CoBank; Commercial Bank of Kuwait; Commercial International Bank Egypt; Emirates Bank International; Gulf International Bank; LBBW Group; Natexis Banques Populaires; National Bank of Greece; National City Bank; State Bank of India, London; Union Bank of California; and Wells Fargo.

BHF-Bank, Bre Bank, British Arab Commercial Bank, Doha Bank, Dubai Bank, Erste Bank, First Gulf Bank, UBAE Arab Italian Bank and Zricher Kantonalbank were managers.

Joining as participants were: BankMuscat; Magyar Klkereskedelmi Bank; Sampo Bank; Union de Banques Arabes et Francaises – UBAF; Banca di Roma; Banca Intesa London; Banca Monte di Paschi di Siena, Frankfurt; Banca Nazionale del Lavoro, London; Bank Hapoalim; Bank Leumi le-Israel; Bank of Ireland; Credit Suisse; Export-Import Bank of Republic of China; Isbank GmbH; KBC Bank Dublin; KeyBank; Landesbank Saar; Nordea Bank; OKO Osuuspankkien Keskuspankki Oyi; Pinebank; SanPaolo IMI London; Saudi National Commercial Bank; Swedbank; Unicredito Italiano, New York; Banca Lombarda International; Rabobank International; Bank of Beirut (UK); Canadian Imperial Bank of Commerce; and Israel Discount Bank of New York.