Turkey’s Garanti Bank has signed an oversubscribed €1bn syndicated loan with 48 banks.

The one-year loan is split between a US$307.2mn tranche and a €768.2mn tranche and pays 95 basis points over Libor.

The facility replaces Garanti’s US$304.5mn and €782.5mn syndicated dual tranche and dual currency term loan facility, which matures on May 10, 2012. The  €768.2mn tranche is priced at Euribor over 145 basis points, and the US$307.2mn is priced at 145 basis points over Libor.

The loan, which will be used for trade finance purposes, was oversubscribed by €213.3mn but scaled back, Garanti Bank tells GTR.

Banc of America Securities acted as the documentation agent and facility agent on the deal.

The senior mandated lead arrangers (MLAs) include Standard Chartered, Wells Fargo, BNP Paribas, Banc of America Securities, Deutsche Bank and Goldman Sachs.

The MLAs include:

Bank of New York Mellon
Bank of Nova Scotia
Bank of Tokyo-Mitsubishi UFJ
National Bank of Abu Dhabi
Banco Bilbao Vizcaya Argentaria
Barclays, Bayerische Landesban
Citibank, Commerzbank
JP Morgan
Mizuho Corporate Bank
Morgan Stanley
Sumitomo Mitsui Banking Corporation