Turkey’s Türk Ekonomi Bankasi (TEB) has received a dual-tranche, dual-currency loan facility of €352mn and US$205mn. Proceeds of the loan will be used by TEB for pre-export and export trade finance activities.

Standard Chartered acted as the co-ordinator of the transaction while Mizuho was the facility agent. BNP Paribas, Standard Chartered, Wells Fargo, HSBC, Commerzbank, Mizuho and UniCredit were mandated lead arrangers and bookrunners.

The facility has a tenor of 367 days, and pays a margin of 0.35% and 0.45% on the euro and dollar tranche respectively. The loan arrangement replaces TEB’s multi-tranche, dual-currency loan facility which matured on August 31, 2016.

In total 24 banks participated in the financing.