With its syndicated loan renewal, Akbank has secured c. US $700 million in support of the Turkish economy. The loan has a 1 year maturity with a cost of Libor+2,50 and Euribor+2,25. 34 banks from 19 countries participated, to this successful loan renewal.
“In this challenging period we are pleased to have provided c. $700 million FX liquidity to Turkey through our syndicated loan”
Regarding Akbank’s successful syndication transaction Akbank CEO Hakan Binbaşgil noted, “The Covid-19 pandemic continues to affect the financial markets and economies negatively. These developments also make access to liquidity and FX resources more difficult. In such a challenging outlook, Akbank successfully renewed its syndicated loan. With the participation of 34 banks from 19 countries, we have completed a syndicated loan of c. US $700 million. 9 new banks from US, Europe, Middle East and Asia which were not involved in last year’s transaction, participated in this transaction. Our transaction is a reference for the Turkish banking sector’s syndications in the second half of the year. In that regard, Akbank acted as the leading bank that has opened the syndicated loan market once again”
“Supporting Turkey’s economy for 72 years seamlessly, Akbank stays committed to maintain its support as it always has in the past”
Underlining that the “accordion” feature was added to the syndicated loan once again in order to provide flexibility considering the volatility in markets, Binbaşgil said, “With this approach, we allowed the banks that wanted to join our syndication but could not complete their loan processes due to time constraints, to participate in our transaction from the signature date of the transaction to the withdrawal date of the loan. Through this flexibility, in addition to the amount signed, the contribution of participants that join up to the loan withdrawal date will be added and the total syndicated loan amount will be finalized in the coming days. The interest to our syndication renewal is a concrete sign of confidence in Akbank and Turkey’s banking sector even in this tough period. Supporting Turkey’s economy for 72 years, Akbank stays committed to maintain its support as it always has in the past”