Commerzbank and BayernLB lead bank syndicate in refinancing of largest ever loan to Industrial Development Bank of Turkey
A cross-border team of lawyers from Baker & McKenzie SCP (Paris) and Esin Attorney Partnership (Istanbul), a member firm Baker & McKenzie International, advised Commerzbank and a syndicate of international banks on their extension of a multi-tranche term loan facility to the Industrial Development Bank of Turkey (TSKB). The loan, some US $280M, is the largest ever raised in the Borrower’s history.
The Firm’s EMEA head of Banking & Finance Michael Foundethakis (Paris) and the head of Banking & Finance in Turkey, Muhsin Keskin (Istanbul) led the team advising the lenders with support from associates Nicholas Macheras (Paris) and Berkay Özlüdil (Istanbul).
"This is the fifth consecutive and the largest TSKB syndication, which the Firm has advised on over the last five years, involving a syndicate of banks led by Commerzbank and Bayern LB, and our team's success has once again, further cemented our relationship with Commerzbank in Turkey and globally," commented Banking & Finance partner Muhsin Keskin.
The Facilities replace TSKB’s US$17.5M and EUR213M multi tranche term loan facilities dated July 2, 2015 and maturing on July 11, 2016. TSKB raised approximately US$280M equivalent in commitments, split into a US$12.5Mand a EUR237.5M tranche, which represents a rollover ratio of above 100 per cent over the size of last year's facility. The Facilities were joined by a strong group of 16 banks from 10 different countries, including both TSKB’s core relationship banks and new participants.