Garanti seals EUR1.1bn loan

Garanti seals EUR1.1bn loan

Published: May 8, 2013

Turkish lender taps 47 banks for euro- and dollar-denominated funding.

Turkey’s Garanti Bank has tapped the syndicated loan market for €1.1bn (US$1.4bn).

Garanti secured the funding from 47 banks from 20 countries. The one-year loan will be used for trade-finance purposes and comprises euro- and dollar-denominated tranches worth about €768.2mn and US$431.3mn.

The tranches are priced at Euribor+1% and Libor+1% respectively.