Project ID: 85210

ICBC support syndicated loan to Hayat Varlık to re-finance the company’s maturing debt and enable new NPL acquisitions

Commitment amount

$ 18948868.865905415

Adjusted commitment amount

$ 18948868.87

Constant 2021 USD

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

Türkiye

Sector

Action relating to debt (Code: 600)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2017-01-01

Description

In 2017, the EBRD and ICBC issued a syndicated loan worth 120 million Turkish lira (€36 million) to Hayat Varlık, the largest non-performing loans (NPL) and asset management company in Turkey. EBRD and ICBC each contributed 60 million to the loan. The proceeds of the loan were to be used by the borrower to partly re-finance the company’s maturing debt and enable new NPL acquisitions from financial institutions.

Additional details

At the time that this loan agreement was signed, Hayat Varlik had recently merged with Turkasset, which was previously the largest player in the NPL market. Also, the EBRD is a 12 percent shareholder in Hayat Varlik.

Number of official sources

4

Number of total sources

9

Download the dataset

Details

Cofinanced

Yes

Cofinancing agencies [Type]

European Bank for Reconstruction and Development (EBRD) [Intergovernmental Organization]

Direct receiving agencies [Type]

Hayat Varlık [Private Sector]

Loan Details

Syndicated loan

Refinancing