Narrative
Full Description
Project narrative
On October 26, 2023, Akbank T.A.Ş signed 367-day $265,500,000 and EUR 318,450,000 sustainability-linked term loan facility agreements with a syndicate of banks. The loan proceeds were to be utilized by the borrower for trade finance purposes, including refinancing of the existing debt. The term loan facilities included sustainability-linked margin adjustments whereby the margin will be determined according to the borrower’s performance against the selected KPIs over the life of the term loan facilities. Participants in the syndicate included Abu Dhabi Commercial Bank PJSC, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, London Branch (Sustainability Coordinators); Abu Dhabi Commercial Bank PJSC, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, ING Bank N.V., MUFG Bank, Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, London Branch and The Commercial Bank (P.S.Q.C.) (Mandated Lead Arrangers & Bookrunners); J.P. Morgan Securities plc (Lead Arranger): and Bank of America Europe DAC, HSBC Bank Middle East Limited, Deutsche Bank AG, London Branch, Bank of China Limited, Grand Cayman Branch, Citibank N.A., Abu Dhabi Global Markets Branch, Intesa Sanpaolo S.p.A., ABC International Bank plc, Habib Bank Ltd., Societe Generale, Commercial Bank of Kuwait K.P.S.C., Attijariwafa Bank Europe, Barclays Bank PLC, Commerzbank Aktiengesellschaft, Habib Bank AG Zurich, UniCredit Bank AG, Citibank N.A., London Branch, The National Bank of Ras Al Khaimah (P.S.C.), The Bank of New York Mellon, Nomura International plc, Byblos Bank Europe SA, Absa Bank Limited, Goldman Sachs International, Banca UBAE S.p.A., International Bank of Azerbaijan OJSC, Raiffeisen Bank International AG, British Arab Commercial Bank PLC, Mashreqbank PSC and Rabitabank OJSC (Arrangers).
Staff comments
1. The size of Bank of China’s contribution to the $265,500,000 syndicated loan is unknown. For the time being, AidData assumes equal contributions across the 36 banks that participated in the syndicate ($7,375,000). This issue warrants further investigation. 2. Akbank is one of the leading banks in Turkey with over $84 billion consolidated assets as of 2016YE. Incorporated in 1948, the bank is 48.9% owned by H.Ö. Sabancı Holding, affiliated Institutions and Individuals, and 51.1% free float as at March 2017.