Turkey’s MNG Bank has mandated Bank of New York (agent, bookrunner), Bayerische Hypo- und Vereinsbank (coordinating bank, bookrunner, documentation, info memo), Commerzbank, Demir-Halk Bank (Nederland), RZB and Wachovia Bank as mandated lead arrangers for a 364-day US$30mn one-year syndicated term loan.

MNG Bank is a small niche bank offering trade finance, investment, treasury and cash management products and services to corporate clients that directly address their special needs.

The bank originally was established on January 16, 1985 as Bank of Bahrain and Kuwait, Istanbul branch. In 1992, Dous Group acquired the bank and changed its name to Garanti Yatm ve Ticaret Bankas. In 1997, Mehmet Nazif Gnal acquired the bank and changed its name to MNG Bank.

Proceeds of the facility will be used by the borrower for pre-export financing for clients.

Repayment is bullet at maturity with a margin of 70bp.

Arrangers are being offered tickets of US$4mn and above at 70bp; co-arrangers US$3mn at 60bp; lead managers US$2mn at 50bp; and managers US$1mn at 40bp.