International Bank of Azerbaijan raises $160m dual currency syndicated loan
Baku, April 14 (AZERTAC). The International Bank of Azerbaijan has signed a $160 million Dual Currency Syndicated Term Loan Facility, with tranches of $48 million and 81 million euro. The Facility has a term of 1-year.
The IBA said it mandated Amsterdam Trade Bank N.V., Citibank, N.A., London (Citi), Commerzbank Aktiengesellschaft (Commerzbank), ING Bank N.V., J.P. Morgan Limited and Raiffeisen Bank International AG (RBI), the Bookrunners and Initial Mandated Lead Arrangers to arrange a $125 million equivalent Dual Currency Syndicated Term Loan Facility. Citi was appointed as Coordinator for the Facility.
The Facility launched at $125 million and attracted over $35 million equivalent in commitments during syndication, a 28% over-subscription resulting in an upsizing of the facility. The strong support for this facility demonstrates the growing confidence and trust international investors place in the Azeri banking system and particularly in IBA, the largest bank of the country.
The proceeds will be used for general corporate purposes.
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