Türkiye's sovereign wealth fund on Tuesday said it had signed a 1.1 billion euro (nearly $1.2 billion) syndicated loan agreement, its first deal without a Treasury guarantee.
The loan was secured with the participation of 20 banks from 12 countries and amounts to 837 million euros and $285 million, with a term set at two years, a statement by the Türkiye Wealth Fund (TWF) said.
The statement said the Treasury guarantee structure, previously included in syndication loans in past years, was removed with this loan.
The cost of the loan was set at Euribor plus 2% annually for the euro tranche and SOFR plus 2.25% annually for the dollar tranche.
The statement also highlighted that the new loan obtained by TWF achieved a 139% renewal rate compared to the syndication loan maturing in 2023.
The fund said the transaction attracted major investor interest and demand exceeded twice the borrowing amount of 2023, leading to the addition of a dollar tranche this year.
TVF had previously garnered significant attention from international investors with its eurobond issuance in February 2024 and its sukuk transaction in October.
During the financing process, ICBC Türkiye Investment Securities Inc., Emirates NBD Capital Limited, and First Abu Dhabi Bank PJSC acted as coordinators and lead bookrunners, while Emirates NBD Bank PJSC took on the roles of documentation and credit agent.
