Turkey’s Tekstil Bankasi has signed a 364-day US$180mn loan agreement with the following banks: Abu Dhabi Commercial Bank, American Express Bank GmbH, Arab Investment Company, Bank of New York (bookrunner), Commerzbank (bookrunner), Demir-Halk Bank (Nederland), Doha Bank, Finansbank (Holland), HSH Nordbank, HVB Group (bookrunner and documentation), Mashreqbank, National Bank of Egypt (UK), RZB, Standard Chartered (facility agent) and Wachovia.
A total of 45 banks committed to this facility, including the mandated lead arrangers listed above. Proceeds will be used by the borrower to prefinance export contracts.
The loan replaces the borrower’s 364-day US$75mn pre-export financing syndicated loan from June 2004.
Repayment will be bullet at maturity. The margin stands at 60bp per year.