ING Türkiye renews $362mln syndicated loan with 112% roll-over

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ING Türkiye has renewed its syndicated loan with a 112% roll-over ratio, successfully signing 332 million euro ($362 million) equivalent dual currency Sustainability Syndicated Term Loan Facility.

Emphasising the financial sector’s transformative role in creating a sustainable world, ING Türkiye CEO, Alper Gökgöz, said: “ING sees sustainability as our way of doing business rather than just quantitative targets. With this vision, we prioritise sustainable finance and target net zero in our own operations.

“We also prioritise meeting our customers' financing needs with the most appropriate solutions in order to keep them one step ahead in the competition. In this context, we are pleased with raising an ESG-linked syndicated loan for the third time, while growing the deal size. We believe the proceeds of this transaction which will be used for general trade finance purposes, will contribute to both our customers and the Turkish economy.”

Increased lender numbers

ING Türkiye, part of ING Group which is one of the pioneers in the field of sustainability, renewed its syndicated loan with increased number of lenders.

26 banks from 14 countries participated in the deal, wherein ING Bank N.V. and Emirates NBD Capital Limited acted as Sustainability Coordinators, Emirates NBD Capital Limited acted as the Coordinator and Emirates NBD Bank (P.J.S.C.) acted as the Agent.

The proceeds of 367-day syndicated loan will be used for general trade finance purposes, and all-in pricing is SOFR + 4.25% for USD and Euribor + 4.00% for EUR. Pricing of the syndicated loan will be improved in case Key Performance Indicators (KPIs) regarding increase in financial commitments to sustainable finance, receiving green building certifications and improving further the sustainability training of employees are achieved.

Sustainable finance

Gökgöz said: “We both prioritise sustainable finance and target net zero in our own operations. ING has committed to procuring 100% renewable electricity for all buildings in which they operate worldwide.” Noting finance sector’s transformative role in creating a sustainable world.”

He said: “In line with ING Group’s net zero targets, we will support mobilisation of 125 billion euros sustainable finance in Wholesale Banking by 2025 via loans and advisory services to our customers. In addition, we continously strengthen our position as an opinion leader in sustainable wholesale banking with the aim of contributing to the transformation of our country.

“We support our customers’ access to green finance with the expertise and global network of our Group. Furthermore, we also prioritise providing the most appropriate solutions for our customers’ financing needs in order to keep them one step ahead in the competition. We believe the proceeds of this transaction, which will be used for general trade finance purposes, will contribute to both our customers and the domestic Turkish economy.”