Garanti’s refi over the $1bn mark and still counting
Turkey’s Garanti Bankasi has raised Eu635m ($867m) and $377m in commitments from mandated lead arrangers on its one year refinancing loan and could obtain even more debt if lower tier banks commit to the deal.
Small retail lenders have been approached and may top up the $1.24bn total before Garanti signs the self-arranged facility on November 30. The MLA group comprises 26 banks.
Garanti, in which Spain’s BBVA recently bought a 24.9% stake for Eu4.2bn, approached the market to refinance a $679m one year
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