Akbank has increased the syndication size to c. US $800 million with its October 2020 syndicated loan renewal, through new participants. The syndicated loan of c. US $700 million, which was announced by a release on Public Disclosure Platform on October 14, was further increased with the participation of new banks. Following the new participations, the roll-over ratio rose to 95%.
Taking the market conditions into consideration, Akbank once again added the “accordion” feature to its syndicated loan to provide flexibility. The feature allowed the banks that wanted join but could not complete their loan processes due to time constraints to participate from the signature date of the transaction until the expiry of the commitment period of the loan. Despite the negative effects of the Covid-19 pandemic on financial markets and economies, with the participation of 36 banks from 19 countries, Akbank’s syndicated loan increased to c. US $800 million.
Akbank will continue to support Turkey’s economy, as it has for the past 72 years.