OREANDA-NEWS. On December 14, 2007 Credit Europe Bank Ltd. has announced it has closed its syndication of the $120mn Syndicated Term Loan Facility. The syndication received very strong support despite recent volatility in the global credit markets, reported the press-centre of Credit Europe Bank.

The facility, which was initially launched at $100 mn was increased after the successful syndication phases. The one year loan pays a margin of 1% p.a. over Libor and the purpose of the facility is to provide CEB Ltd. with funds for on-lending to its corporate clients for pre-export purposes.

Wachovia Bank N.A., acting as Agent of the transaction, was accompanied by Bayerische Landesbank, Raiffeisen Zentralbank Osterreich AG, Yapi Kredi Bank Nederland N.V., Denizbank AG, ZAO Citibank, American Express Bank Limited, Turkiye Garanti Bankasi A.S. as Mandated Lead Arrangers.

Murat Basbay, President, commented on the deal: "This positive response confirms Credit Europe Bank’s solid credit profile and confidence of our investors”.