Ülker Bisküvi has signed agreements with from international banks US$ 455 million.
Ülker Bisküvi, the largest publicly traded food company in Türkiye, has signed loan agreements worth US$ 455 million with the participation of 7 international banks, led by Bank of America (Global Coordinator and Authorized Lead Co-Organizer), Coöperatieve Rabo Bank U.A. (Authorized Lead Co-Organizer), Emirates NBD Bank Capital Limited (Authorized Lead Co-Organizer) and the European Bank for Reconstruction and Development (EBRD), on a 3-year term with interest payments every 6 months.
Ülker Bisküvi has signed loan agreements with international banks for a total of approximately US$ 455 million.
Ülker Bisküvi, the largest publicly traded food company in Türkiye, has signed loan agreements worth US$ 455 million with the participation of 7 international banks led by Bank of America (Global Coordinator and Authorized Lead Co-Organizer), Coöperatieve Rabo Bank U.A. (Authorized Lead Co-Organizer), Emirates NBD Bank Capital Limited (Authorized Lead Co-Organizer) and European Bank for Reconstruction and Development (EBRD), on a 3-year term with interest payments every 6 months.
The US$ 455 million loan agreement signed by Ülker Bisküvi consists of syndication tranches of US$ 110 million and € 244 million, as well as the € 75 million loan agreement signed with the EBRD.
Ülker Bisküvi is planning to use the US$ 455 million to close its US$ 375 million syndicated loan, which expires in April 2020, and to use the remainder for strategic investment projects.
Speaking about the agreement, Ülker Bisküvi CEO Mete Buyurgan said: “The world and our country are going through sensitive and difficult times. Ülker Bisküvi continues to produce for our country and our people during this period while maintaining our strong position in our markets with a solid balance sheet. Considering the difficult global economic conditions, it is more important than ever that our company secures long-term financing with international banks. These agreements show that international banks trust our country and our company."
Ülker Bisküvi's CFO Cenker Uçan said: "We set out with a financing target of US$ 250 million, making the US$ 455 million we procured, almost twice what we wanted, a huge success. The two loan agreements we made have 3-year terms, with interest payments every six months. We would like to thank the international banks who trusted us during this sensitive period for global markets."
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