Turkey’s Petkim issues $500 million bond

The notes will be issued at a price of 99.47 percent and with a fixed coupon rate of 5.88 percent

Turkey’s Petkim signed a subscription agreement with five consulting companies for the issuance of $500 million five-year notes, with a maturity date of Jan. 26, 2023, the company said on Friday.

The agreement was signed with Goldman Sachs International, J.P. Morgan Securities Plc., Citigroup Global Markets Limited, Societe Generale and VTB Capital Plc.

“The notes will be issued at an issue price of 99.47 percent and with a fixed coupon rate of 5.88 percent,” the company said.

Earlier, the company said the bond issuance was an important indicator of faith in Petkim and in Turkey.

Petkim added that the revenues would be used to finance the company Star Refinery that will become operational later this year. The facility is Turkey’s first private sector refinery that has seen expenditure of over $3.7 billion so far. AA

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