Baku, Azerbaijan, April 14
International Bank of Azerbaijan (IBA) has signed a syndicated loan agreement worth $ 160 million with tranches worth $ 48 million and 81 million euros for a period of one year, the bank said on April 14.
International Bank of Azerbaijan (IBA) 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), collectively 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.
A diverse group of 13 international lenders supported the Facility. The Facility launched at $125 million and attracted $35 million (28 percent) 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 Azerbaijani banking system and particularly in IBA, the largest bank of the country.
The Facility has a tenor of 1-year. The proceeds will be used for general corporate purposes.