Frankfurt-based Işbank AG (the German arm of Turkish Işbank Group) has renewed a syndicated term loan facility worth €100mn, with a 100% rollover ratio.
Standard Chartered acted as the co-ordinator and documentation agent for the facility, with BayernLB serving as the facility agent.
The facility comprises two tranches of $US8mn and €92.7mn, respectively, and attracted commitments from 17 banks across 12 countries.
The amount raised was greater than the 2016 facility and Işbank was able to offer lenders the option to scale back on their commitments.
BayernLB, Standard Chartered and UniCredit joined the facility as mandated lead arranger and bookrunners.
The facility pays a margin of Libor+1.15% per year for US dollar commitments and Euribor + 1.05% per annum for euro commitments. It has a one-year bullet maturity and the proceeds of the loan will be utilised for the bank’s general trade finance purposes.