Turkey’s Garanti Bank has signed a US$1.3bn one-year trade finance loan agreement syndicated amongst a total of 39 banks from 18 countries, GTR can confirm.
Bank of America Merrill Lynch (BofAml) participates as co-ordinating bank under the facility, while Sumitomo Mitsui Banking Corporation (SMBC) acts as facility agent.
The loan is comprised of two tranches, amounting to €785mn and €318.75mn each. GTR can confirm that banks achieved pricing of Euribor plus 0.90% and Libor plus 0.90% under the respective tranches.
Commenting on the deal, a spokesperson at Garanti Bank tells GTR: “The fact that the facility attracted commitments from 39 banks, including Garanti’s core relationship banks, is a testament to Garanti’s strong performance and solid banking relationships.”