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Syndicated loan 

  • Since 1993, Akbank has completed 50 syndicated loan deals, including April 2021 transaction.
  • Since 1997 to date, Akbank has concluded syndicated loan deals each year with top tier US, European, UK and Asian banks.
  • Akbank sets the benchmark price for the Turkish syndication market.
  • In total, Akbank provided c. USD 39 billion of financing through its syndicated loans to Turkish real sector.
  • Currently, Akbank has two outstanding syndicated loans: 
    • Akbank signed a c. USD 700 million equivalent of syndicated loan agreement in October 13, 2020. The 367 day term facility comprised of two separate tranches: USD 288 million and EUR 348.5 million. Together with the accordion feature, total loan amount has increased up to USD 388 million and EUR 348,5 million hitting an USD equivalent of c.USD 800 million. The cost of the syndicated loan was Libor + 2.50% and Euribor + 2.25%. The October 2020 syndicated loan facility garnered strong appetite from 36 banks across 19 countries, reaching a roll-over ratio of 95%. The proceeds of the loan will be utilized for Akbank’s trade finance purposes.
    • Akbank signed a USD 675 million equivalent of syndicated loan agreement in April 9, 2021. The 367 day term facility comprised of two separate tranches: USD 344.5 million and EUR 279 million. The cost of the syndicated loan was Libor + 2.50% and Euribor + 2.25%. The April 2021 syndicated loan facility garnered strong appetite from 35 banks across 18 countries despite heightened macro and geopolitical risks, reaching a roll-over ratio of 107%. The deal attracted the participation of 8 new banks from the US, Europe, Middle East and Asia which were not involved in last year’s April transaction. The agreement also marked the inaugural ESG linked syndicated loan facility of the bank. Akbank has added 3 sustainability (ESG) performance criteria – gender balance, non-lending to greenfield coal power plant projects, and the electricity sourcing of our bank from renewable resources - to its syndication. If these performance criteria are met during the specified test periods, there will be an improvement in the terms of our syndicated loan. The proceeds of the loan will be utilized for Akbank’s trade finance purposes.
Syndicated Loan - Investor Breakdown*
 

* Shows investor breakdown of outstanding syndicated loan facilities. Calculated according to initial allocation.

 
 
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