Press Release Content

Sekerbank T.A.S. ("Sekerbank") has mandated Commerzbank Aktiengesellschaft ("Commerzbank AG"), Emirates NBD PJSC ("Emirates NBD"), Raiffeisen Zentralbank Osterreich Aktiengesellschaft ("RZB") and Wachovia Bank, N.A. ("Wachovia") (together the "Initial Mandated Lead Arrangers" and the "Bookrunners") to arrange a USD 100 Million equivalent Dual-Currency Syndicated Term Loan Facility (the "Facility") on its behalf. 

Emirates NBD and Wachovia has been appointed as the Coordinating Banks for the facility. The facility was launched into general syndication on June 20, 2008, with banks from across the globe invited to participate in the Facility.

Summary Details of the Transaction 

Borrower: Sekerbank T.A.S., Turkey.

Coordinating Banks: Emirates NBD and Wachovia

Initial Mandated Lead Arrangers & Bookrunners: Commerzbank AG, Emirates NBD, RZB and Wachovia.

Launch Amount: USD 100 million.

Tenor: 364 Days.

Repayment: Bullet.

Margin: 80 bppa.

Purpose: Pre-export and trade finance purposes.

Notes and contacts

About Sekerbank T.A.S.

Sekerbank T.A.S. was established in 1953 as the "Sugar Beet Cooperative Bank" in Eskisehir, Turkey. The Bank commenced its activities by pooling the modest savings of the sugar beet producers who belonged to the cooperatives to support the financial needs of the sugar beet producers and the sugar industry. In 1956, the Bank relocated its headquarters to Ankara and changed its name to Sekerbank T.A.S. In 2004, the Bank again relocated its headquarters to Istanbul. Sekerbank T.A.S. became a full service bank in early 1970s. 

The Bank started partnership discussions with foreign investors during 2005 and 2006.  In June 2006, Sekerbank Pension Fund signed a Partnership Agreement with Bank Turan Alem Group of Kazakhstan (BTA Group) to sell 33.98% of shares to the latter and successfully concluded the partnership process in March 2007. The current shareholding structure of the bank is as follows: 32.04% publicly traded on the Istanbul Stock Exchange, 33.98% BTA Group and 33.98% Sekerbank Pension Fund of the Employees. 

The group's extensive banking network consists of 250 branches across Turkey. As per limited review figures, the Bank's total assets and equity exceeded Turkish Lira 7.09 Billion (approximately USD 5.45 billion) and Turkish Lira 900.30 million (approximately USD 692.30 million) respectively as at 31 March 2008.

On 19^th December 2007, Fitch Ratings raised its long-term IDR Foreign Currency on Sekerbank T.A.S. to B from B- and affirmed the short-term counterparty credit rating at B, with a stable outlook. Sekerbank is also rated by Capital Intelligence (BB- / B) with a stable outlook.

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