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Turkey's Akbank seeks syndicated loan at lower interest rate

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Turkey's Akbank seeks syndicated loan at lower interest rate

Turkey's Akbank TAŞ aims to secure a syndicated loan at lower interest rates as its previous dual-currency loan is being refinanced for another year, Bloomberg News reported Sept. 2, citing an Akbank spokesman.

Bloomberg data reveals that the loan, which is due in October, has an outstanding amount at $285 million and €591 million, although the size of the refinancing is not final yet.

The bank is seeking to place the dollar tranche of the new loan with a margin of 185 basis points over a reference rate, and a margin of 170 basis points on the euro portion, a bank spokesman told Bloomberg. It most recently paid 200 basis points and 190 basis points on dollar and euro tranches of a loan secured in March, the newswire noted.

Bank of America Merrill Lynch, Emirates NBD PJSC and Standard Chartered are serving as coordinators on the refinancing deal, the spokesman added. The bank expects to receive commitments by the end of September, with closing slated for early October, according to the report.