Keystone Law advised the facility agent, sustainability coordinators, arrangers and lenders on the USD 360,500,000 and EUR 512,800,000 sustainability-linked syndicated loan facility for VakifBank, one of the largest banks in Turkey, that signed on 10 May 2024.

The loan highlights the credibility of the Turkish banking sector in international markets due to the commitment to sustainable financing, the funding sources obtained from abroad and a rollover rate for existing lenders to VakifBank of 113%. The transaction permits VakifBank to finance or refinance eligible green and social loan projects in compliance with the terms of its sustainable finance framework.

The Keystone Law team included banking and finance partners Robert Spedding and Isaac Felberbaum.

VakifBank stated:

“We are extremely grateful to Robert, Isaac and the team at Keystone Law for their assistance, support and guidance to deliver such a successful deal. Looking forward to many more successful transactions in the future.”

Robert Spedding said:

“We are thrilled to have assisted the finance parties and VakifBank on another large sustainable finance transaction, both in terms of amount and the number of parties. This transaction again emphasised the popularity of the Turkish loan market and the strength of VakifBank’s sustainability aims.”

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