TBC Bank has closed a US$54mn syndicated facility via mandated lead arranger Deutsche Bank. It is the first time the Georgian bank has tapped the conventional syndicated loan market, as well as being the largest deal TBC has been involved in to date.
Following general syndication, a total of 14 different banks are participating in the transaction. The deal carries a tenor of one year, with an extension option. It also pays a margin of 2.5% per annum.
TBC is the second largest bank in Georgia, and has a long term foreign currency ratings of B3 from Moody’s and B- (positive outlook) from Fitch.