By Rebecca Melvin and Paul Harris
New York, Feb. 21 – Turkey’s Turk Telekomunikasyon AS priced $500 million 6 7/8% six-year notes (BB-/BB+) on Thursday at 99.396, according to a market source.
The notes were guided to yield 7 1/8% to 7¼% and had initial price talk in the 7 3/8% yield area.
Order books at the time of guidance were in excess of $2 billion.
The Rule 144A and Regulation S deal was sold via joint bookrunners BofA Merrill Lynch, Citigroup Global Markets, ING Bank NV, MUFG Securities EMEA plc and Societe Generale CIB.
Proceeds are going to be used to refinance existing debt, and application is being made to list the bonds on the Irish Stock Exchange.
The issuer is an Ankara, Turkey-based telecommunications company.
| Issuer: | Turk Telekomunikasyon AS
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 28, 2025
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets, ING Bank NV, MUFG Securities EMEA plc and Societe Generale CIB
|
| Coupon: | 6 7/8%
|
| Price: | 99.396
|
| Pricing date: | Feb. 21
|
| Settlement date: | Feb. 28
|
| Ratings: | S&P: BB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 7 1/8%-7¼% from initial talk in 7 3/8% yield area
|
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