A US$1.25bn one-year pre-export facility has been signed for Turkey’s Akbank which is the biggest bank deal for Turkey for many years. Mandated lead arrangers are ABN Amro, Alpha Bank, American Express Bank GmbH, Bank of New York, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi (bookrunner), BayernLB, Calyon Corporate and Investment Bank (bookrunner), Citibank, Commerzbank, Deutsche Bank AG London, DZ Bank, Fortis Bank, HSH Nordbank, HVB Group, ING Wholesale Banking, Mizuho Corporate Bank, Natexis Banques Populaires, RZB, SG Corporate and Investment Banking, Standard Bank Plc, Standard Chartered, UFJ Bank (bookrunner and facility agent), Wachovia Bank and WestLB (bookrunner, info memo and documentation).
This is the first private sector bank to mandate with an extension option at the lenders “discretion. It is also the first instance of a private bank mandating with a ratings grid for the margin and the first deal to allow for multiple drawdowns.
Some 24 countries comprise the final syndicate of lenders.
Repayment is bullet at maturity with a margin of 40bp per year.
In the event that the borrower’s long term foreign currency rating is announced as being the minimum of either BB+ by S&P or BB+ by Fitch or Ba1 by Moodys then the margin will be reduced by 0.05% per year at the beginning of the interest period immediately following the official publication of the ratings notification by the relevant rating agency.
Co-arrangers are Erste Bank and Wells Fargo Bank.
Lead managers are The Arab Investment Co and La Caixa.
Managers are Banca Intesa, London, Royal Bank Of Scotland and Union Bank of California.
Participants are Arab Bank Plc, Banca Monte dei Paschi di Siena, Frankfurt, Banca Nazionale Del Lavoro, London, Bank Hapoalim, Bank Leumi Le-Israel, Bank of Montreal, Bulbank, Canadian Imperial Bank Of Commerce, Chang Hwa Commercial Bank, Doha Bank, The Export-Import Bank of Republic of China, ICICI Bank UK, Landesbank Rheinland-Pfalz, National City Bank, Nordea Bank, Rabobank International, Sampo Bank Plc, Attijariwafa Bank Paris, KBC Bank, Dublin, Habib Bank AG Zurich and Anglo Irish Bank.