Mandated lead arrangers have been chosen by Finansbank in Turkey to arrange a US$275mn 364-day syndicated term loan facility.
The banks mandated are: Alpha Bank, American Express GmbH, Arab Investment Company, Bank of New York, Bank of Tokyo-Mitsubishi (bookrunner), Groupe Banque Populaire (Natexis Banques Populaires and BIC-Bred), CoBank, Commerzbank, Deutsche Bank London, Dresdner Kleinwort Wasserstein (agent, documentation), HSH Nordbank, HVB Group (bookrunner), JPMorgan, Mashreqbank, RZB, Standard Chartered (info memo), UFJ, Wachovia and WestLB London (bookrunner).
This facility will replace a US$265mn term loan for Finansbank from October 27, 2003.
Proceeds of the facility will supposedly be used by the borrower to pre-finance export contracts.
The lead arrangers are approaching a select group of banks to participate in the facility. Co-arrangers will be offered takes of US$10mn at 80bp flat. Lead managers with US$5mn will be offered 70bp flat. Managers can sign up for US$3mn at 65bp flat, while participants with US$2mn would receive fees of 62.5bp flat.
Repayment will be bullet at maturity, while the margin is 60bp per year.