Banco Bilbao Vizcaya Argentaria : Garanti Bank successfully renews $1.35 billion Syndicated Loan, including new 2-year tranche

Garanti Bank on November 22 has successfully refinanced its 367-day Dual Currency Term Loan Facility dated November 23, 2016 with a 100% rollover ratio. The new Facility is comprised of $405.0 million and €648.5 million 367-day tranches and a $180.0 million two-year tranche.

The Facility attracted commitments from 38 banks across 18 countries, of which seven banks made commitments into the two-year tranche. This is the first two-year syndicated loan that Garanti has raised since 2006. The Facility includes Garanti's core relationship banks and is a testament to Garanti's intrinsic financial strength and continued strong performance, as well as its solid banking relationships.

The 367-day tranches will be used for general trade finance purposes including export and import contracts. The two-year tranche will be used for both general corporate purposes (excluding acquisitions) and/or general trade finance purposes. The all-in pricing of the 367-day loans is Libor +1.35% p.a. for US Dollars and Euribor +1.25%p.a. for euros. The all-in pricing for the two-year loan is Libor +2.20%p.a.

Bank of America Merrill Lynch, First Abu Dhabi Bank PJSC and Standard Chartered Bank acted as Joint Coordinators, and with Mizuho Bank, Ltd as the facility agent.