29th May 2009 14:49
28.05.2009 USD 570 Mn Dual Tranche Term Loan Facility for Isbank
Isbank secured USD 570 million dual tranche term loan facility from financial markets. The agreement for club deal dual tranche term loan, in USD and in EUR, was signed in London on 28.05.2009.
With the participation of 28 banks from 14 countries, Isbank secured USD 570 million syndicated loan. The agreement for the dual tranche term loan facility for USD 255 million and EUR 225.25 million with a maturity of one year with an extension option of a further one year was signed on 28.05.2009 in London.
The total cost of part of the aforementioned club deal, which will be used for trade financing, for the banks which participated with the highest amounts, was realized at Libor +2.5% and Euribor +2.5%, respectively.
Despite the hard conditions in the international markets, Isbank has once again proved its eminence in foreign markets through this successfully secured syndicated loan. Isbank is Turkey's largest private bank in terms of total assets, which reached USD 64 billion as of 31.12.2008. The Bank is rated "BB-" by S&P, "B1" by Moody's and "BB" by Fitch. Isbank ranked 331st in the Forbes Magazine's annual "Global 2000" list of the year 2008. Isbank is the first among Turkish companies in the list.
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