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Garanti Bank secures $406 million in syndicated loans

Published 12/03/2024, 01:24 AM
GARAN
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ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S., commonly known as Garanti BBVA (BME:BBVA), has successfully signed a syndicated loan agreement totaling $406 million. The deal, finalized on December 02, 2024, involves 43 financial institutions across 21 countries and is structured in two tranches with a 367-day maturity.

The funds, denominated in US dollars and euros—$244 million and €162.4 million respectively—will be directed towards general trade finance and the financing of eligible sustainability projects. The bank has disclosed the all-in cost for the USD tranche at SOFR + 1.75% and for the EUR tranche at Euribor + 1.5%.

This financial move by Garanti BBVA underscores its active engagement in the international banking community and its commitment to sustainability. The participation of a diverse group of financial institutions reflects confidence in the bank's creditworthiness and its strategic initiatives.

The bank has assured that the information provided is in accordance with the principles of the Board’s Communiqué, Serial II Nr.15.1, and accurately reflects the details of the transaction as recorded in their books and documents.

Garanti BBVA, with its strong presence in the Turkish banking sector, has emphasized that the Turkish version of the announcement shall prevail in case of any discrepancies between the English and Turkish versions. This syndicated loan agreement is based on a press release statement issued by the bank.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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