Narrative
Full Description
Project narrative
On October 9, 2017, Yapı Kredi signed a $1.35 billion syndicated dual currency term loan facility agreement with 48 banks from 17 countries for trade finance purposes. Bank of America Merrill Lynch and ICBC Yatirim acted as Coordinating Banks and UniCredit Bank SpA as the agent. The facility was divided into four tranches: a USD-denominated tranche that carried a 367-day maturity and an interest rate of LIBOR plus a 1.35% margin, an EUR-denominated tranche that carried a 367-day maturity and an interest rate of EURIBOR plus a 1.25% margin, a USD-denominated two years plus one business day tranche that carried an interest rate of LIBOR plus a 2.2% margin, and an EUR-denominated two years plus one business day tranche that carried an interest rate of EURIBOR plus a 2.1% margin.
Staff comments
1. The precise monetary value of ICBC’s contribution to the $1.35 billion syndicated loan is unknown. For the time being, AidData assumes equal contributions ($31,250,000) across the 48 banks that participated in the syndicate. This issue warrants further investigation.