Last checked at 15 Sep 2009 18:05
14.09.2009 Isbank Secured a Syndicated Loan with the Lowest Cost in the Year 2009
Isbank secured a syndicated loan which has the lowest cost among the ones secured since the beginning of 2009. Isbank has extended the term of about USD 775 million of the syndicated loan for one year, which was signed on 22.09.2008.
With the syndicated loan it has secured, Isbank has once again proved the trust in the Bank in the international markets. Isbank has extended the term of about USD 775 million of the syndicated loan secured for foreign trade finance for one year, which was signed on 22.09.2008.
The syndicated loan for about USD 775 million whose term was extended with an agreement signed on 14.09.2009 has dual tranche for USD 350 million and EUR 293.5 million. Transaction, which attracted the attention of international markets, was realized with the coordination of Standard Chartered Bank and was completed by participation of 41 banks from 18 countries.
The syndicated loan is the one with the lowest cost among Turkish banks since the beginning of 2009 and the total cost of the loan pertaining to the banks that participated with the highest amounts was realized at Libor +2.5%. The total cost of transactions, which were actualized by Turkish banks in 2009 was realized at Libor +2.5% and above.
With this agreement, Isbank, which secured a syndicated loan for foreign trade financing, has once again shown its strong equity base and the trust in the Bank despite the difficulties in international markets.