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Syndicated loan 

  • Since 1993, Akbank has completed 49 syndicated loan deals, including October 2020 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 38.2 billion of financing through its syndicated loans to Turkish real sector.
  • Currently, Akbank has two outstanding syndicated loans: 
    • On April 2, 2020; Akbank announced the successful completion of its Syndicated Term Loan. The bank also added an accordion feature that would allow an increase in the total loan amount of the facility until drawdown date of April 9, 2020. The accordion feature attracted additional participations from 5 more banks in 3 countries despite ongoing global market volatility. During the first week of March, Akbank set the renewal target of the syndicated loan as c. USD 500-600 million. With the accordion feature, the total amount of Syndicated Term Loan surpassed the initial USD 600 million target of the bank. Akbank closed the deal with an approximate equivalent of USD 605 million indicating an increase of c. USD 45 million. Dollar tranche increased from the initial amount of USD 246 million to 256 million Dollar and EUR tranche increased from EUR 284 million to EUR 316 million. The number of participant banks increased from 24 to 29, and the number of countries represented in the deal are up from 12 to 15. The proceeds of the loan will be utilized for Akbank’s trade finance purposes.
    • 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.
Syndicated Loan - Investor Breakdown*
 

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

 
 
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