Bayerische Hypo- und Vereinsbank (bookrunner and documentation agent), BayernLB (facility agent), Commerzbank, GarantiBank International, and RZB (bookrunner)as mandated lead arrangers have signed a US$40mn one-year syndicated term loan facility for Turkey’s Bankpozitif Kredi ve Kalkinma Bankasi.
The 364-day transaction was launched at an amount of US$25mn and mustered an oversubscription. The borrower decided to take the whole amount raised by the bookrunners and to close the facility at US$40mn.
Bank Hapoalim was an arranger (US$4mn), while MKB Bank and Kocbank Netherlands were co-arrangers (US$3mn).
Lead managers were Israel Discount Bank of New York and Sanpaolo IMI (US$2mn).
AKA Ausfuhrkredit-Gesellschaft and Bre Bank were managers (US$1mn).
Proceeds of the facility will be used by the borrower for pre-export financing for clients of the borrower.
The tenor is 364 days from the signing date.
Repayment is bullet at maturity, while the margin is 75bp per year.
Bankpozitif (formerly C Kredi ve Kalkinma Bankasi) is a boutique corporate and investment bank which was incorporated in Turkey in April 9, 1999 as Toprak Yatirim Bankasi. C Faktoring acquired 89.92% of the bank’s shares on November 1, 2002 in an auction from Savings Deposit Insurance Fund and following the acquisition, the name of the bank was changed from C Kredi ve Kalkinma Bankasi.
As of December 23, 2005, the name of the bank was changed to Bankpozitif Kredi ve Kalkinma Bankasi. A key for the success of the deal was the positive impact of the recent agreement signed regarding the acquisition of 57.55% of the bank by Tarshish-Hapoalim Holdings and Investments, a wholly-owned subsidiary of Bank Hapoalim, Israel’s largest bank.