Sisecam’s $1.1 Billion Eurobond Issues Receive Over $3.5 Billion in Demand
25 Abril 2024 - 9:33AM
Through its UK subsidiary, Sisecam UK PLC, Sisecam issued $500
million and $600 million global bonds (Eurobonds) with 5-year and
8-year terms, aimed at institutional investors globally. These
issues attracted demand exceeding $3.5 billion from international
funds and financial institutions. The issues, authorized by
Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan
Securities plc, and Bofa Securities, had coupon rates of 8.250% and
8.625%. The bonds, in high demand worldwide, saw 38% purchased by
funds and financial institutions from the USA, 37% from the UK, 15%
from Europe, and 10% from Asia and the Middle East, primarily by
institutions based in Hong Kong.
Sisecam’s Chairman and Executive Member of the
Board, Prof. Dr. Ahmet Kirman, shared that Sisecam’s first Eurobond
issue was in 2013, noting, "Sisecam’s bonds have consistently stood
out for the strong buying interest from institutional investors
both domestically and internationally. Our credit ratings have been
evaluated above the country's ratings by Moody's and Fitch at B2
and BB-, powered by Sisecam’s global successes. The highest demand
for the largest corporate bond issue in the history of the Republic
of Turkey confirmed the global confidence in Sisecam once
again."
Sisecam’s CEO Gorkem Elverici also stated their
ongoing commitment to effective liquidity management, "In line with
our vision of creating sustainable value, we continue our
investments supporting the growth of the sectors we provide input
to. In the upcoming investment period, we will continue to use a
mix of necessary capital market and financing tools. Besides these
Eurobond issues, we have also undertaken significant bond issuances
in Turkey recently. We will continue this approach tailored to our
needs in the respective currencies."
Figures Regarding Sisecam’s Eurobond
Issues:
- The nominal amounts are $500
million with a 5-year term and $600 million with an 8-year term,
with fixed-interest bonds' coupon rates set at 8.250% and
8.625%.
- International funds and financial
institutions submitted bids totaling over $3.5 billion.
- The meetings for the Eurobond
issues were held in London and conducted with approximately 54
investor institutions.
- Since 2013, Sisecam has issued a
total of $2.3 billion in Eurobonds on international markets.
- The $700 million Eurobond issue
Sisecam conducted in 2019 also received high demand from
international funds and investors.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c399549a-2fd9-437f-bd62-8f2fe142a8dc
Contact:
Ayşegül Akyarlı
AAKYARLI@sisecam.com