SYNDICATION LOAN FROM INTERNATIONAL BANKS TO ÜLKER BİSKÜVİ
Ülker Bisküvi, together with international banks, Signs syndicated loan agreement worth $195 million.
Ülker Bisküvi signed a syndication loan agreement worth US$ 195 million.
The syndication loan composed of two syndication trancghes which are 35 million USD and 150 million EURO s, where 20 percent of this loan is supplied via murabaha financing, and it is the first Sustainability linked loan of Ülker Bisküvi with a maturity of 3 years totaling USD 195 million.
The signed agreement was signed by Bank of America, Coöperatieve Rabo Bank U.A. and Emirates NBD Bank Capital Limited; It was held with the participation of JP Morgan Chase Bank, N.A and Sharjah Islamic Bank PJSC.
The agreement was signed in order to finance the repayment of Üker Bisküvi's 375 million USD syndicated loan, which was due in April 2023, and to strengthen its financial stability, short and medium-term strategies. The remaining portion of the loan, which is due in April 2023, will be paid using the company's cash resources.
Ülker Bisküvi CEO Mete Buyurgan stated that they have reduced Ülker Bisküvi's current indebtedness level with this syndicated loan: “The world and our country are going through a sensitive and difficult period. As Ülker Bisküvi, we maintain our strong position in the markets in which we operate with our solid finace structure, and we continue to produce for our country and our people in this period. Despite the difficult economic conditions in the world, it is more important than ever for our company to provide long-term financing with the participation of international banks. These agreements are an indication of the trust of international banks in our country and our company.
The first sustainability-linked loan signed
Stating that this is the first agreement signed within the scope of Ülker's sustainability strategy, Mete Buyurgan concluded his words as follows:
“Since the day we were founded in 1944, we have been operating with the 'zero waste company' model. We base our sustainability efforts on the United Nations' 2030 Sustainable Development Goals so that they can be monitored and audited around a strategy. We continue our sustainability approach, which we follow in all our processes, in the field of sustainability-related financing as well.”
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