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8/19/2016

Akbank Secures a Syndicated Loan of US$ 1.2 Billion

Akbank CEO, Hakan Binbaşgil: "There are banks with increasing participation compared to last year in this syndication secured under very favorable conditions. Furthermore, we have been able to ensure the participation of new banks from the Middle East and Europe in this syndication. The appetite of international investors in Turkish market continues. The fact that the financing we have obtained from international markets over the past two months is a significant indicator of such interest."

Akbank has secured a syndicated loan of US$ 1.2 billion through the participation of leading banks around the world. US$ 1.1. billion portion of the syndicated loan consisting of two tranches is secured for a term of 1 year and remaining tranche of U.S.$ 100 million is secured for a term of 3 years. The cost of the loan for a term of 367 days is Libor+0.85% and Euribor+0.75% while the cost for the portion of 3-year term is Euribor+1.75%.

Akbank CEO Hakan Binbaşgil, "Interest of international investors in Turkey continues"

Akbank CEO Hakan Binbaşgil stated that; “Syndication has attracted a demand exceeding 100% and the pricing has not been changed”.

Binbaşgil, underlining the fact that Akbank is still capable of securing a financing for a term of 3 years that is considered a long in syndication markets, said that; “There are banks with increasing participation compared to last year in this syndication secured under very favorable conditions. Furthermore, we have been able to ensure the participation of new banks from the Middle East and Europe in this syndication. This loan re-confirms the faith of investors in the fundamental economic indicators and the sound banking sector in Turkey and the successful performance of Akbank”.

Binbaşgil, drawing attention to the ongoing interest of international investors in Turkey and the financial capacity of Akbank, stated that the amount of financing secured from the international markets over the last 2 months is a significant indication of such interest

Binbaşgil, emphasizing the fact that Akbank will keep on supporting the Turkish economy and investments uninterruptedly, also pointed out; “We are still proceeding with bringing in more funds based upon our sound financial statements and our reputation in the international markets”.