Işbank AG (the Frankfurt-based arm of Turkey’s Işbank Group) has announced the closing of a one-year syndicated dual-currency, dual-tranche term loan facility composed of US$24.3mn and €79.5mn.

The loan refinances the bank’s US$36.9mn and €66.7mn facility signed on March 9, 2015.

Standard Chartered and Wells Fargo acted as joint co-ordinators, with Wells Fargo also serving as facility agent.

Aresbank, BayernLB, Commerzbank, Standard Chartered, UniCredit and Wells Fargo were mandated lead arrangers on the loan, which will be used for Işbank’s general trade finance purposes.

The facility pays 0.85% per annum for US dollar commitments and 0.75% per annum for euro commitments, down from the 0.90% all-in margin reflected on the 2015 facility. According to Işbank, these margins are in line with the pricing seen on the 2016 spring refinancing transactions for top-tier Turkish banks.

“Despite coming to the syndicated loan market against global volatility and a challenging macroeconomic backdrop, Işbank was able to solicit commitments from lenders from 10 countries, comfortably in excess of the size of the existing facility being refinanced and exceeding the oversubscription seen on last year’s deal.

“Based on the strong response from lenders, which is a testament to the strength of the borrower and trustworthiness of the Işbank Group, Işbank AG was able to provide lenders with scale back to their commitments,” says a statement issued by the bank.