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Citigroup and Deutsche Bank have launched general syndication of the US$100mn loan for Bank TuranAlem. The deal is split between a US$50mn 12-month tranche (A) with a 12-month extension at the lender’s discretion paying 215bp and a US$50mn 18-month tranche (B), also extendible by a further 12 months, which pays 250bp.

Banks have been invited to commit at five levels. For a co-arranger role, banks are required to commit US$10mn and receive a fee of 40bp on tranche A and 60bp on tranche B. The senior lead manager commits US$7.5mn for a fees of 35bp and 55bp.

The lead manager commits US$5mn for 30bp and 50bp. The manager commits US$3mn for 25bp and 45bp and the participant commits US$1.5mn for 20bp and 40bp.

Syndication is due to close on June 11 with signing around June 21.

Proceeds will be used to finance specific trade transactions. The borrower is rated Ba1/BB- with a stable outlook.