USD 150 Million Syndicated Loan for TSKB

10 July 2020
- 3 min Read

Industrial Development Bank of Turkey (TSKB) secured a syndicated loan worth USD 150 million from a total of 12 banks representing 12 different countries.

Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB) secured a syndicated loan of USD 150 million from 12 banks. The loan agreement was signed on July 9.

The syndicated loan was participated by 12 banks from 12 different countries in Europe, America, Asia and the Middle East, and was coordinated by Commerzbank AG. The annual interest rate of the loan extended on a maturity of 367 days stood at Euribor / Libor + 1.75%, while the renewal rate was 85%. The loan participants included ABC International Bank plc, BNP Paribas, China Development Bank, Citibank, N.A., ING Bank A.Ş., ING Bank NV, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Banka Kombetare Tregtare Sh.a., Intesa Sanpaolo S.p.A. and Raiffeisen Bank International AG.

Ece Börü, Acting CEO at TSKB, commented on the syndicated loan. “The extraordinary conditions led by the Covid-19 pandemic, which has affected the whole world, continue to cause profound changes in the business and production world. We continue to strengthen our leading role in the sustainable development of our country through the international funds we provide and by standing in support of our companies, regardless of the circumstances. On this journey, we enjoy our long-term, self-renewing strong relations with supranational and international institutions as our most valuable companion. To that end, we are happy to successfully complete the process for the syndicated loan, which we secure each year. We would like to thank all the institutions that are part of our borrowing for their participation and their confidence in both our country and our bank. In line with our development banking mission, we will continue to do further work, as it has been the case for the last 70 years, for sustainable and inclusive development thanks to our balance sheet structure which is diversified via our innovative borrowing operations.”