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Garanti Bank signs syndicated loan agreement

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Garanti Bank signs syndicated loan agreement

Türkiye Garanti Bankası AŞ said May 17 that it signed a syndicated loan agreement comprising $326.0 million and €408.8 million in two separate tranches, with 367-days maturity.

The all-in cost for the dollar and euro tranches has been realized as London interbank offered rate plus 2.50% and Euro interbank offered rate plus 2.40%, respectively. The book size was more than $1 billion.

The bank will use the funds for trade finance and other corporate purposes.

Spain-based Banco Bilbao Vizcaya Argentaria SA holds a 49.85% stake in Garanti Bank, according to S&P Global Market Intelligence data.