Garanti Bankasi is understood to be raising a three-year loan of $200 million through arranger UBS for the purchase of Osmanli Bankasi (Ottoman Bank - MEED 12:4:96).
The interest rate will be 2.1 per cent over the London interbank offered rate (Libor), banking sources say.
At the end of the second year, lenders will have an option to extend for a further year, according to the banking sources. The loan is being raised for Clover Investment Company, a wholly-owned Garanti subsidiary based in Malta.
In a deal valued at $245 million, Clover on 1 April purchased all outstanding shares of Ottoman Bank's Netherlands' parent, Compagnie Ottomane d'Investissements (COI). The latter in turn is majority controlled by France's Group Paribas.
You might also like...
Amiral cogen eyes financial close
26 April 2024
Lunate acquires 40% stake in Adnoc Oil Pipelines
26 April 2024
Saudi Arabia's Rawabi Holding raises SR1.2bn in sukuk
26 April 2024
Iraq oil project reaches 70% completion
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.