TSKB provides USD 256 million Syndicated Loan

2 July 2015
- 2 min Read

Industrial Development Bank of Turkey provided USD 256 million syndicated loan with participation of 17 banks

On July 2, 2015 Industrial Development Bank of Turkey (TSKB) signed a USD 256 million syndicated loan agreement, with a renewal rate of more than 200 percent, with participation of leading global banks under the coordination of Commerzbank.

5 of the 17 banks that contributed to the TSKB syndicated loan are new participants. The loan is made up of two segments, one in Euro and one in USD, and will become due in 367 days. The interest rate for the loan is euribor / libor + 0.60 percent.

In a statement about the syndicated loan CEO of TSKB Özcan Türkakın said “We have provided the highest amount of syndicated loan since our first syndicated loan agreement in 2005, at a lower price level than last year and with more than 200% renewal rate. We are pleased to have expanded our international cooperation with new banks. We will use the syndication loan for foreign trade investment and project financing loans and short term financing needs of private companies. We will continue our efforts to expand our resources with the strength that emanate from our long term and trustful cooperations with global financial institutions.”

Under the scope of its product diversification strategy TSKB had issued USD 350 million Eurobond in 2014 and issued another USD350 million Eurobond to international markets this year under the framework of GMTN (Global Medium Term Note) programme.