Mandated lead arrangers have been mandated by Turkey’s Akbank to arrange a US$1.25bn term pre-export finance loan facility. The banks are ABN Amro, Alpha Bank, American Express Bank GmbH, Bank of New York, Bank of
Nova Scotia, Bank of Tokyo-Mitsubishi (bookrunner), BayernLB, Calyon (bookrunner), Citibank, Commerzbank, Deutsche Bank AG London, DZ Bank, Fortis Bank, HSH Nordbank, HVB Group (represented by members of the HVB
Group), ING, Mizuho Corporate Bank, Natexis Banques Populaires, RZB, SG Corporate and Investment Banking, Standard Bank Plc, Standard Chartered Bank, UFJ Bank (bookrunner and facility agent), Wachovia Bank and WestLB AG, London (bookrunner, info memo and documentation agent).
The term is 364 days with an extension option of a further 364 days at each lender’s individual discretion.
Repayment will be bullet at maturity with a margin of 40bp.
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.