By Cady Vishniac
Detroit, Nov. 2 – Turkey’s Ulker Biskuvi Sanayi AS sold $650 million of 6.95% eurobonds at par (B+/BB-), according to an announcement and an offering circular.
The transaction was the first offering by a Turkish corporate in 2020 and the first inaugural offering by a Turkish issuer in more than two years.
BofA Securities and J.P. Morgan were global coordinators and bookrunners. HSBC acted as a joint lead manager and Rabobank and Renaissance Capital acted as comanagers.
The notes are redeemable only as a result of a change in tax law.
Proceeds will be used to complete the refinancing of the company’s capital structure.
Ulker Biskuvi Sanayi is an Instanbul-based producer of confections and baked goods.
| Issuer: | Ulker Biskuvi Sanayi AS
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| Issue: | Eurobonds
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| Amount: | $650 million
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| Maturity: | Oct. 30, 2025
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| Bookrunners: | BofA Securities, J.P. Morgan, HSBC, Rabobank and Renaissance Capital
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| Counsel to underwriters: | Baker McKenzie and Esin Attorney Partnership
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| Coupon: | 6.95%
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| Price: | Par
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| Yield: | 6.95%
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| Settlement date: | Oct. 30
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| Ratings: | S&P: B+
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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