28
Thu, Mar
72 New Articles

Baker & McKenzie Advises Burgan Bank on First Syndicated Loan

Turkiye
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

The Esin Attorney Partnership, a member firm of Baker & McKenzie International, has advised Burgan Bank A.S. on its inaugural syndicated loan obtained for general trade finance purposes.

The Firm advised Burgan Bank on a USD 77 million and EUR 42 million syndicated multi-tranche dual-currency term loan agreement between Burgan Bank and a syndicate of 12 banks. The mandated lead arrangers and bookrunners were: Arab Banking Corporation (B.S.C.), Commerzbank Aktiengesellschaft, Filiale Luxemburg, HSBC Bank Middle East Ltd, and Mashreqbank psc. The deal was signed and closed on June 25, 2015.

Burgan Bank AS's majority shareholder, the Burgan Bank Group, is a Kuwait-based financial services group and a leading financial services provider in the Middle East and North Africa with four other majority-held subsidiaries in Algeria (Gulf Bank Algeria), Iraq (Bank of Baghdad), Jordan (Jordan Kuwait Bank), and Tunisia (Tunis International Bank).

Partner Muhsin Keskin from Esin Attorney Partnership and Partner Michael Foundethakis from Baker & McKenzie's Paris office advised on the loan agreement. Associates Berk Cin (Istanbul) and Gonzague Basso (Paris) provided support.

"We are proud to advise Burgan Bank on their first syndicated loan in Turkey, said Keskin. "This transaction marks our rapidly increasing activity in the Turkish bank syndications market. While Eurobonds are becoming increasingly popular for Turkish banks as a funding source, syndicated loans are still the easiest, quickest and most practical sources of funding. We are proud to be advising on these transactions which are creating new avenues for Turkish banks to fund the national economy."

Our Latest Issue