A new one-year €750mn syndicated pre-export finance term loan facility for Trkiye Bankas bank has been signed. The mandated lead arrangers are: ABN Amro, Abu Dhabi Commercial Bank, Alpha Bank, American Express Bank GmbH, Bank of New York, Bank of Nova Scotia, Bank of Tokyo Mitsubishi, BayernLB, Calyon (bookrunner), Citibank (bookrunner), Commerzbank (bookrunner), Deutsche Bank, London, DZ Bank, Emporiki Bank of Greece, Erste Bank, Fortis Bank, HSH Nordbank, HVB Group, ING (documentation, signing, publicity), Mashreqbank, Mizuho Corporate Bank, JPMorgan plc, Natexis Banques Populaires, National Bank of Egypt (UK), National Bank of Greece, RZB, Societ Grale, Standard Bank Plc, Standard Chartered, Sumitomo Mitsui Banking Corporation Europe (facility agent), UFJ Bank (bookrunner), Wachovia Bank and WestLB AG, London.
The facility was launched into general syndication at an amount of €600mn. As a result of a successful syndication, the facility was increased to €750mn. In addition to the MLA group of 33 banks, a further 35 banks joined the transaction in general syndication making a total syndicate of 68.
The maturity is 365 days from the date of signing, with an extension option for the borrower for a further 365 days at each lender’s option. Repayment is bullet at maturity.
The margin is 40bp per year.
In the event that the borrower’s long term foreign currency rating is raised to either BB+ by S&P or BB+ by Fitch or Ba1 by Moody’s then the margin shall be reduced by 0.05% per year at the beginning of the interest period immediately following the publication of the ratings upgrade by the relevant ratings agency.
Fees for co-arrangers are 30bp for €10mn; for lead manager s, 27.5bp for €7.5mn; for managers, 25bp for €5mn; for participants, 22.5bp for €2.5mn.
Co-arrangers are: LBBW Group, Arab Bank plc and Saudi National Commercial Bank.
Lead managers are: Banca Intesa, London, CIBC, CoBank, Lloyds TSB Bank, Sanpaolo IMI.
Managers are: British Arab Commercial Bank, Commercial Bank of Qatar, Helaba Landesbank Hessen-Thringen.
Participants are: AttijariWafa Bank Paris, Banca Lombarda International, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, London, Banco Commercial Portugues, (Madeira offshore branch), Bank Hapoalim, Governor and Company of the Bank of Ireland, Dublin, Bank of Montreal, Bre Bank, Bulbank, Doha Bank, ICICI Bank UK, Landesbank Saar, Magyar Klkereskedelmi Bank, Rabobank International, Sampo Bank plc, Swedbank, UBAE Arab Italian Bank, Zrcher Kantonalbank, SEB, Anglo Irish Bank, Caixa Geral De Depositos, Tunis International Bank.