Işbank AG, the Frankfurt arm of Turkey’s largest bank, Türkiye İş Bankası, has renewed its circa €100mn syndicated term loan facility.

Comprising two tranches of US$5mn and €96.27mn, this year’s total raised is 33% greater than the 2017 maturing facility figure. The facility pays an all-in margin of Libor plus 1.25% a year for US dollar contributions and Euribor plus 1.15% a year for euro investments at the MLA level. These figures represent a decrease of 20 basis points from the all-in rates of 2017.

This year, BayernLB, Commerzbank, Demir-Halk Bank (Nederland), DenizBank AG, Standard Chartered Bank and UniCredit joined the Işbank facility in the roles of mandated lead arrangers and bookrunners. Overall, 14 banks across eight countries took part in the syndicate.

Standard Chartered Bank acted as the co-ordinator and documentation agent, with BayernLB serving as the facility agent.

The loan facility has a one-year bullet maturity and proceeds will be reinvested into the bank’s provision of trade finance.