Tarkiye Vakiflar Bankasi (Vakifbank), following a successful syndication, has signed a US$350mn one-year syndicated term loan facility. Vakifbank mandated 18 banks (as mandated lead arrangers to arrange a new facility on its behalf. The transaction was launched at US$275mn and was oversubscribed. Vakifbank elected to close the transaction at US$350mn.
The tenor is 364 days with a bullet repayment. The margin is 65bp per year.
Proceeds will be used to pre-finance export contracts.
Mandated lead arrangers were: American Express GmbH; Arab Investment Company; Bank of New York; Bank of Nova Scotia; Bayerische Landesbank (facility agent); Citibank; CoBank; Commerzbank International; Dresdner Kleinwort Wasserstein; Erste Bank; HVB Group (bookrunner); JPMorgan Chase London; Mashreqbank; Natexis Banques Populaires; Standard Bank London (documentation, coordination, publicity, signing agent); Standard Chartered; Wachovia Bank; WestLB London (bookrunner and info memo).
Senior co-arrangers were: Banque Saudi Fransi and Finansbank (Holland).
ABN Amro was a co-arranger.
Lead managers were: Banca Intesa SpA London and GarantiBank International.
ABC International Bank Paris and Demir-Halk (Nederland) were managers.
Participants were: RZB; Arab Bank; Banque Internationale de Commerce – BRED Geneva; Banque Misr, Overseas; Landesbank Rheinland-Pfalz; Misr International; Magyar Külkereskedelmi; National Bank of Egypt International; Sanpaolo IMI; Unicredito Italiano London; Anglo Irish Bank; Banca Monte dei Paschi di Siena Frankfurt; BBVA; Banque Cantonale de Genève; CIBC; Swedbank; Tunis International; UBAE Arab Italian Bank.
Fees: Senior co-arranger – 90bp for US$12.5mn
Co-arranger – 80bp for US$10mn
Lead manager – 70bp for US$7.5mn
Manager – 65bp for US$5mn
Participants – 60bp for US$2.5mn; 57.5bp for US$2mn; 55bp for US$1mn.
