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İşbank successfully closes EUR 448 million and USD 238 million syndicated loan facilities

TÜRKİYE İŞ BANKASI A.Ş. (“İşbank” or “Group”) successfully closed Dual Tranche Dual Currency Term Loan Facilities (the “Facilities”) on 2 November 2020. The Facilities have a maturity of 367 days comprising EUR 448 million and USD 238 million. The transaction was well received with the participation of 33 banks from 19 countries in Europe, America, Middle East and Asia. In what has been a year of unparalleled volatility and uncertainty İşbank has raised a total of EUR 987 million and USD 445.5 million via syndicated loans throughout 2020; in aggregate approximately USD 1.6 billion of committed financing in the syndicated relationship bank loan market.

The participation of a large number of diverse and international financial institutions is a testament to the strength of İşbank’s banking relationships and assurance in Turkish banking market. Bank of America, Standard Chartered Bank and The Commercial Bank (P.S.Q.C.) acted as Joint Coordinators, with Emirates NBD Bank (P.J.S.C.) as the Facility Agent. Bank of America also acted as Documentation Agent on the transaction.

The Facility will be used for general trade finance purposes. The all-in yields of the highest participating ticket sizes of the 367 day loan facilities are Euribor+2.25% p.a. for Euro and Libor+2.50% p.a. for US Dollars.

İşbank Deputy CEO Ms. Gamze Yalçın stated on the successful deal as follows: “Despite challenging market conditions in 2020, having brought in approximately USD 1.6 billion via syndicated loans, with the participation of a large number of banks, has reaffirmed confidence in İşbank internationally. Maintaining its position as Turkey’s largest private bank by achieving total assets of TRY 547 billion as of the first half of 2020, İşbank will continue its support for the development of Turkey’s economy by financing real sector companies active in foreign trade with the proceeds of this loan”.

03.11.2020
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