Turkey’s state-run Vakifbank secures $1.1 billion syndicated loan

Turkish state-run lender Vakibank secured $1.1 billion in borrowing on the international markets.

Thirty-eight banks from 17 countries lent the company $279.5 million and 723.5 million euros over 367 days via the syndicated loan deal, Vakifbank said on Friday.

The loan was to refinance existing facilities and will be used for supporting foreign trade. The borrowing carried a cost of 250 basis points above Libor for the dollar portion and 240 basis points more than Euribor for the euro loan, the company said.