Vakıfbank renews $1.2 billion sustainability-themed syndicated loan

ISTANBUL

State-owned lender VakıfBankhas announced it has successfully renewed its $1.2 billion-equivalent sustainability-themed syndicated loan.

The loan facility comprises $484 million and 574 million euros. The cost of the 367-day maturity loan was realized at SOFR + 1.25 percent for the U.S. dollar tranche and Euribor + 1.10 percent for the euro tranche.

“The transaction, which we renewed with a roll over ratio exceeding 110 percent with the participation of 44 banks from 18 countries, has been a significant reflection of VakıfBank’s long-standing correspondent banking relationships in international markets,” commented Osman Arslan, the CEO.

“The MLA-level participation of 16 banks in the transaction and the inclusion of five new banks that were not part of our syndication in the same period last year clearly demonstrate both the continued strong presence of VakıfBank in international markets and confidence in the Turkish economy,” he added.

Vakıfbank has secured a total of $5.8 billion fresh international funding in the first five months of the year, including our renewed sustainability-themed syndicated loan facility, Arslan noted.

“In line with our development-oriented value banking vision, we will continue to channel these international funds into areas focused on exports, employment generation, technology, productivity and digital transformation,” he said.