İşbank obtains $915 mln syndicated loan

ISTANBUL

İşbank, one of Türkiye’s largest private banks, has obtained a syndicated loan of $915 million.

“Our bank has signed a syndicated loan agreement in the amount of 411 million euros and $465 million with a maturity of 367 days,” İşbank said in a filing with Borsa Istanbul.

The all-in cost for the highest participation level of each tranche is Euribor+3.25 percent and SOFR +3.50 percent, respectively, it noted.

The proceeds of the facility will be used for trade finance purposes.

Emirates NBD Capital Limited, Standard Chartered Bank, First Abu Dhabi Bank PJSC, The Commercial Bank (P.S.Q.C.) acted as coordinators for the loan deal signed on Nov. 21. Sumitomo Mitsui Banking Corporation, ING Bank N.V., Mashreqbank psc and Standard Chartered Bank were sustainability coordinators.

Emirates NBD Bank PJSC was the agent bank.

Earlier this month, İşbank signed a syndicated loan deal of 434 million euros and $328 million on a maturity of 367 days.

It was the bank’s second sustainability-linked deal.

The loan deal was worth $832 million in total and enabled the bank to renew the deal it closed in November 2020 at a renewal rate of 110 percent.

Earlier in November, Yapı Kredi, another private bank, signed a sustainability-linked syndicated loan deal that consisted of two tranches worth $359 million and 372.5 million euros, which in total makes around $755 million with 367 days maturity.

Sustainability-linked syndicated loan deal, which is going to be used for the financing of international trade, consisted of participants from 22 countries and 39 financial institutions, Yapı Kredi said.