Turkey's Wealth Fund borrows $1.19bln without treasury guarantee
Turkey's Wealth Fund (TVF) has secured a syndicated loan totalling 1.1 billion euros ($1.19 billion), it said on Tuesday, borrowing for the first time without a guarantee from the country's treasury.
In a statement, the wealth fund said 20 banks from 12 countries were involved in the two-year loan made up of two tranches, of 837 million euros and $285 million.
The total cost of the syndicated loan was set at 2% over the equivalent Euribor rate per annum for the euro tranche and 2.25% over the Secured Overnight Financing rate (SOFR) for the U.S. dollar tranche. ($1 = 0.9260 euros)
(Reporting by Ebru Tuncay; Editing by Kirsten Donovan)
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