Turk Telekom (TT) has won regulatory approval to proceed with a bond issue abroad worth up to US$1bn.
The Capital Markets Board has sanctioned the Turkish incumbent’s plan to issue the bond, which will have a maturity of up to 10 years and be…
Turk Telekom (TT) has won regulatory approval to proceed with a bond issue abroad worth up to US$1bn.
The Capital Markets Board has sanctioned the Turkish incumbent’s plan to issue the bond, which will have a maturity of up to 10 years and be denominated in Turkish lira, a foreign currency, or a combination.
Last October, TT announced plans to issue conventional and/or Islamic bonds (sukuk) abroad worth up to US$1bn. At the time, the telco said one or more debt instruments would be issued within a year of obtaining approval from the capital markets board.
Barclays Bank, BNP Paribas, Emirates NBD Capital, JP Morgan Securities and Standard Chartered Bank have been mandated for the issuance.
TT reported revenues for 2013 of TL13.2bn (US$5.9bn), up 3.8% year on year. EBITDA stood at TL5bn (US$2.3bn), down 2.2% on the 2012 result. The company’s net debt stood at TL8.3bn (US$3.7bn).
