Akbank has successfully renewed its USD 600 million syndicated loan facility with a syndicated sustainability loan of USD 750 million with record demand of USD 1 billion from international banks. The loan has two tranches of 367-day and 734-day maturities. All-in cost of 367-day tranche is SOFR+1.75% and Euribor+1.50. In parallel with Akbank's strong reputation in global markets and the upward trajectory of the Turkish economy, the syndicated loan contained a two-year tranche for the first time in six years with an all-in cost of SOFR+2.25% and Euribor+2.00%. 46 banks from 21 countries participated in the facility, with 11 new participating banks.
Regarding Akbank’s syndicated loan, Akbank CEO Kaan Gür noted, “We are proud to lead this transaction, and reinforcing the trust that both Akbank and the Turkish economy have cultivated. By including a two-year tranche in our syndicated loan, we have set a new benchmark for the Turkish banking industry. With demand exceeding USD 1 billion, Akbank successfully renewed the loan at USD 750 million, achieving a 124% rollover ratio. We extend our sincere thanks to all of our relationship banks for their invaluable support in this transaction.”
According to Levent Çelebioğlu, Executive Vice President of Corporate & Investment Banking, “The proceeds of the syndicated loan will be allocated in accordance with our Sustainable Finance Framework. We limited the rollover amount to USD 750 million with the record demand from 11 newly participating and 46 banks in total. We also believe adding 734-day tranche for the first time in six years, thanks to Akbank’s extensive network of correspondent banks, proves the importance of this transaction. We will maintain our efforts that lead the sector.”