Turkey's Yapı Kredi secures $962M syndication loan

By Aysu Bicer

ANKARA (AA) – Yapi Kredi, Turkey’s third-largest private lender, announced on Friday it had successfully inked a $962 million syndicated loan agreement for the first half of the year with the participation of 42 banks from 20 countries.

According to a bank statement, the first sustainability-linked syndication loan facility is secured through two different tranches: $351 million and €501 million, at 367 days maturity, with a roll-over ratio of 103%.

The proceeds of the transaction will be used for trade financing purposes, it said.

"We are very proud to sign our first syndication transaction based on sustainability criteria. This resources we provide will be directed to foreign trade finance," said Gokhan Erun, Yapi Kredi’s CEO.

"Thus, we will continue to support exports and the real sector and contribute to our country’s economy," he added.