Turkey's Yapı Kredi secures $962 mln syndication loan

Yapı Kredi, Turkey's third-largest private lender, announced on May 21 it had successfully inked a $962 million syndicated loan agreement for the first half of the year with the participation of 42 banks from 20 countries.

According to a bank statement, the first sustainability-linked syndication loan facility is secured through two different tranches: $351 million and €501 million, at 367 days maturity, with a roll-over ratio of 103%.

The proceeds of the transaction will be used for trade financing purposes, it said.

"We are very proud to sign our first syndication transaction based on sustainability criteria. These resources we provide will be directed to foreign trade finance," said Gökhan Erun, Yapı Kredi's CEO.

"Thus, we will continue to support exports and the real sector and contribute to our country's economy," he added.