Mandated lead arrangers (US$15mn) ABN Amro (bookrunner and info memo), HSBC Bank plc (facility and documentation), ING, Société Gén érale, Standard Bank London and WestLB AG London (bookrunner) have signed a debut US$115mn 370-day syndicated term loan facility for Turkey’s Oyak, increased from a US$100mn launch amount.
Natexis Banques Populaires and Credit Lyonnais joined as arrangers (US$10mn) whilst RZB joined as a manager (US$5mn).
Repayment is 370 days (bullet).
Oyak, established in 1961 as a mutual assistance institution for the benefit of the members of the Turkish armed forces, is one of the leading Turkish conglomerates with direct equity holdings in over 28 companies and indirect stakes in a further 11. Oyak provides retirement, death and disablement assistance for its permanent members and death and disablement benefits for its temporary members. It also provides additional social benefits including consumer and housing loans, as well as annuity plans.
Oyak’s investments are in a wide array of industries from automotive to financial services, cement, and processed foods to logistics.