Akbank gets $1.2 bln in loans
ISTANBUL - Hürriyet Daily News
AA photoAkbank, one of Turkey’s largest banks, has signed syndicated loans with 42 banks from 19 countries totaling $1.2 billion.
It is the first syndicated loan agreement in the domestic banking industry of this year, said Akbank General Manager Hakan Binbaşgil, according to Anatolia news agency.
Akbank, the lender part-owned by Citigroup and Turkey’s Sabancı Holding, will pay an all-in margin of 145 basis points more than benchmark rates for the loan, which consists of $146 million and 795 million euros ($1.05 billion) tranches, Binbaşgil said.
That compares with a basis-point margin of 110 on Akbank’s $1.3 billion one-year facility maturing March 22, according to data provided by Bloomberg News.