US $450,000,000 Term Loan
Record amount raised by Yapi ve Kredi Bankasi A.S syndicate.
Yapi ve Kredi Bankasi A.S. is pleased to announce that new one year term loan facility for US$ 450,000,000 has been successfully completed and signed following an 80% over-subscription.
The formal signing ceremony took place in Paris on Tuesday 11th, July, 2000.
This syndication has been a major success and clearly demonstrates the depth of bank relationships developed and maintained by Yapi Kredi Bank. Syndication of the facility was initially launched for an amount of US$250,000,000. The facility received overwhelming support from the market during the co-arranger and general syndication phases and was finally closed by the Arrangers following a substantial over subscription at US$ 471 million. Yapi Kredi elected not to take the full amount raised by the Arrangers and increased the facility to US$ 450 million.
This is the largest amount ever raised in the Euro-syndicated loan markets for a Turkish bank and the facility amount represents the largest facility to be signed this year. Despite the fact the facility carries competitive pricing, the Arrangers managed to attract a record number of banks into the syndicate. In total 72 international banks, representing 25 countries, have joined the facility. The response from the Euro-syndicated loan market to this syndication reflects the positive mood of banks and highlights the appetite for top rated bank debt in Turkey, resulting from recent structural and economic reforms implemented by the Turkish Government.
Outline details of the facility
Borrower Yapi ve Kredi Bankasi A.S.
Facility Type Term loan
Amount US$ 450,000,000.00
Final Maturity 365 days - bullet
Margin 50bp over Libor
Joint Arrangers
Alpha Bank A.E
Barclays Capital
The Bank of New York (London)
The Bank of Tokyo-Mitsubishi, Ltd.
Bayerische Hypo-und Vereinsbank AG
Bayerische Landesbank Girozentrale
Citibank N.A. Istanbul
Crédit Agricole Indosuez
The Dai-Ichi Kangyo Bank, Limited
Deutsche Bank AG
Dresdner Bank Luxembourg S.A.
First Union National Bank
The Fuji Bank, Limited
ING Barings
Natexis Banques Populaires
NBG International
The Sanwa Bank, Limited
Standard Chartered Bank
Sumitomo Bank, Limited
Co-Arrangers
Bank Hapoalim BM, London Branch
CoBank, ACB
Commercial Bank of Greece S.A.
Credit Lyonnais - UBAF
Raiffeisen Zentralbank-Osterreich Aktiengesellschaft
Yapı Kredi / 11 Jul 2000