Bloomberg News

Turk Eximbank Said to Raise 240 Million Euros of Syndicated Loan

February 15, 2013

Export Credit Bank of Turkey is said to have raised a 240 million-euro ($320 million) syndicated loan to refinance maturing debt.

The one-year facility includes a 220 million-euro portion and a $27 million piece, according to a person with knowledge of the deal who asked not to be named because the deal is private.

ING Groep NV organized the transaction and nine other banks participated in the deal, according to data compiled by Bloomberg. The other banks are Bank of Tokyo-Mitsubishi UFJ Ltd., Barclays Plc, Commerzbank AG, Denizbank AS, Deutsche Bank AG, Intesa Sanpaolo SpA, Mizuho Financial Group Inc., National Bank of Abu Dhabi PJSC and Standard Chartered Plc.

The state-owned borrower, known as Turk Eximbank, will pay interest of 100 basis points more than benchmark lending rates, rising to an all-in margin of 165 basis points when lenders’ fees are included, the data show. A basis point is 0.01 percentage point.

Turk Eximbank, established in 1987 to provide loans to the country’s exporters, raised a 125 million-euro one-year debt facility in January 2012 paying a margin of 85 basis points more than the euro interbank offered rate, lenders said.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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