ICBC contributes to $155 million tranche of $260 million syndicated loan to Borusan Holding for refinancing purposes

Project narrative

On January 21, 2021, a syndicate of 11 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a dual-currency $260 million syndicated loan agreement with Borusan Holding — a private Turkish conglomerate — for refinancing purposes. This loan consisted of a $155 million tranche and EUR 87 million tranche. This loan carried a maturity period of five years. The proceeds were to be used to refinance Borusan's maturing existing facility Under the coordination of HSBC Middle East Limited, the participants (MLAs) in the syndicate included HSBC BANK A.S., HSBC Bank Middle East Limited, Garanti Bank, ICBC, İşbank, Akbank, Yapı Kredi Bank, QNB Finansbank, Vakıfbank, Odeabank and Alternatifbank. ICBC contributed $30.00 million to the $155 million tranche. In addition to ICBC, the following lenders contributed the respective amounts to the tranche: HSBC ($50.00 million), Isbank ($10.00 million), Yapi Kredi ($25.00 million), QnB Finansbank ($20.00 million), Odea Bank ($10.00 million), and Alternatif Bank ($10.00 million). ICBC did not contribute to the EUR 87 million tranche. Isbank contributed $24.98 million, Garanti Bank contribute $24.74 million, Akbank contribute $24.98 million, and Vakifbank contributed $23.79 million (all in euros).