Baker & McKenzie has advised Commerzbank as the agent, and a syndicate of 13 international banks, on a dual tranche club loan facility extended to Industrial Development Bank of Turkey. The loan facility is intended to fund trade finance and project finance-related transactions.
Baker & McKenzie advised Commerzbank Aktiengesellschaft (Commerzbank) on a USD 10 million and EUR 91 million dual tranche club term loan facility extended to Turkiye Sinai Kalkinma Bankasi (TSKB), the Industrial Development Bank of Turkey.
Commerzbank acted as mandated lead arranger along with Bayerische Landesbank, Citibank Nassau Branch, ING European Financial Services, and Standard Chartered Bank. Credit Suisse, Intensa Sanpaolo, Banka Kombetare Tregtare, OYAK ANKER Bank, Barclays Bank, BNP Paribas, UniCredit Bank, and WGZ BANK Westdeutsche Genossenschafts-Zentralbank also committed to the deal at various levels. The deal was signed on July 8, 2014.
Commerzbank is a German banking and financial services company headquartered in Frankfurt, with over 1,200 branch locations in Germany. The bank also has a presence in over 50 countries. Commerzbank is mainly active in private banking, retail banking and mortgaging, and also offers banking and capital market services to corporate clients and institutional investors.
The Industrial Development Bank of Turkey was founded in 1950 as Turkey's first privately owned development and investment bank with a goal of developing private industry. Today, TSKB continues to support development through extending medium to long-term loans to finance productive fixed asset investments in all sectors of the Turkish economy, as well as aiding the inflow of local and international capital to Turkish companies.
A cross-border team of lawyers from Baker & McKenzie's Paris office and the Esin Attorney Partnership, the Turkish member firm of Baker & McKenzie, advised on the term loan facility. The firm’s EMEA Head of Banking Michael Foundethakis (Paris) and Banking & Finance Partner Muhsin Keskin (Istanbul) led the team advising Commerzbank with support from Nicholas Macheras (Paris) and Erdem Sismangil, Mustafa Ozkan Ozdogan, and Deniz Erden.
"This is the third consecutive TSKB syndication on which the firm has advised Commerzbank and other lenders on over the last three years, and our team's success has, once again, further cemented our relationship with Commerzbank in Turkey and globally," commented Banking & Finance Partner Muhsin Keskin.
