A new one-year syndicated term loan facility for Turkey’s Akbank has been signed. The loan is to pre-finance export contracts. The facility, which represents a refinancing of Akbank’s US$350mn pre-export finance facility signed in July 2003, was launched into general syndication on July 1 at an amount of US$375mn and, following a successful syndication, was increased to US$500mn at signing. During general syndication some 63 banks from 29 different countries joined making it the largest and most diverse syndicate for a Turkish bank facility to date.

The margin is 55bp per year. Fees are as follows: for co-arrangers – 65bp for US$10mn; for senior lead managers – 55bp for US$5mn; for lead managers – 50bp for US$3mn; for managers – 47.5bp for US$2mn; for participants – 45bp for US$1mn.

Joint bookrunners are ABN Amro, Standard Bank London and WestLB (info memo).

Facility agent is Sumitomo Mitsui Banking Corporation Europe. UFJ Bank is documentation agent:
Co-arrangers are Al Ahli Bank of Kuwait, Helaba Landesbank Hessen-Thringen, Samba Financial Group, UBAE Arab Italian Bank.

Senior lead managers are Arab Bank, Bank Leumi-Le-Israel, Baden-Wrttembergische Bank, Emporiki Bank of Greece, State Bank of India, Royal Bank of Scotland.

Lead managers are Bank Hapoalim, National Bank of Egypt International, Banque Misr, Bre Bank, Bulbank, Chang Hwa Commercial Bank, London, Lloyds TSB, Bank Magyar Klkereskedelmi Bank, National City Bank, Rabobank International.

Managers are LRP Landesbank Rheinland-Pfalz, Arab African International, UniCredito Italiano, London, Banca di Roma, Banca Espirito Santo, Banca Intesa, London, Banca Nazionale del Lavaro, London, Banco Comercial Portugues, New York, BMO Financial Group, DNB Nor Bank, KBC Bank, Dublin, Nordea Bank, and Sampo Bank.

Participants are Anglo Irish Bank, Banque Monte dei Paschi di Siena, Frankfurt, Canadian Imperial Bank of Commerce, Tunis International Bank and United Mizrahi Bank.