Through its syndicated loan renewal, Akbank has provided USD 600 million in support of the Turkish economy. The loan, structured as a sustainability loan, has 367-days maturity with an all-in cost of SOFR+2,50% and Euribor+2,25%. 45 banks from 20 countries participated in the facility, with 16 new participating banks. The loan is structured as a “use of proceeds” loan that will be allocated according to the Akbank’s Sustainable Finance Framework, which is an important structural change for syndicated loans in the Turkish banking sector.
Regarding Akbank’s syndicated loan, Akbank CEO Kaan Gür noted, “Despite the challenges in the global economy, we completed a syndication transaction that is a testament to the continued confidence in Turkey and Akbank. We have renewed our syndication with USD 600 million and 120% roll-over ratio. We would like to thank all investors and relationship banks who participated and supported our transaction.”
“We have taken our sustainability criteria to an even higher level in this transaction.”
Noting that Akbank maintains a high level of sustainability criteria in its syndicated transactions, Levent Çelebioğlu, Executive Vice President of Akbank Corporate & Investment Banking said, “In line with our sustainability strategy, we broaden the theme of each new syndicated loan. By aligning use of proceeds of our new transaction with our Sustainable Finance Framework, we have taken another important step towards achieving Akbank’s sustainability targets. With a 100 bps cost reduction compared to our previous transaction in October 2023 and keeping up with our tradition of scaling back, we have utilized only USD 600 million from commitments exceeding %160 of the roll-over amount. The interest and participation to our new facility confirms Akbank’s position as the pioneering institution in the international funding markets. We will continue our efforts that lead the sector in sustainability.”