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Turkey’s Garanti Bank signs three-tranche syndicated loan deal worth some $1.35b

Bank said the loan would be used to meet general institutional needs

Gulf News

Istanbul: Turkey’s Garanti Bank said on Friday it had signed a syndicated loan deal in two tranches, of $405 million (Dh1.4 billion) and €648.5 million (Dh2.8 billion), with a 367-day maturity, as well as a third tranche, of $180 million, with a maturity of two years and one day.

In a statement to the Istanbul stock exchange, the bank said the loan, signed on Wednesday, was secured with the participation of 38 banks in 18 countries and would be used to meet general institutional needs. The three tranches respectively have a total cost of Libor+ 1.35 per cent, Euribor+ 1.25 per cent and Libor+ 2.2 percent.