Turkey’s Işbank has signed a US$1.4bn-equivalent syndicated term loan facility. The dual-currency transaction comprises of €836mn and US$462mn tranches and saw participation from 47 banks in 18 countries. Standard Chartered acted as the co-ordinator and documentation agent and Bayerische Landesbank is the facility agent.
The facility achieved a rollover ratio of above 100% over the May 2015 transaction. It has a tenor of 367 days and will be used for financing general trade activities.
It is priced at Libor/Euribor plus 85 basis points (bps) on the US dollar tranche and Libor/Euribor plus 75 bps on the euro tranche.
Yılmaz Ertürk, Işbank deputy CEO, comments on the transaction: “Signing its first syndicated loan in 1986, Işbank has closed its 43rd transaction this year. Maintaining its position as Turkey’s largest private bank by achieving total assets of TL276bn in the first quarter of 2016, Işbank will continue its support in the development of Turkey’s economy by financing real sector companies active in foreign trade with the utilisation of this loan.”