Turk Telekom has completed the bookbuilding for its US$1bn, dual-tranche bond offering.
The offering consists of a US$500m five-year tranche and a US$500m 10-year tranche.
The Turkish incumbent said that the coupon for the five-year tranche is expected…
Turk Telekom has completed the bookbuilding for its US$1bn, dual-tranche bond offering.
The offering consists of a US$500m five-year tranche and a US$500m 10-year tranche.
The Turkish incumbent said that the coupon for the five-year tranche is expected to be 3.75% based on a 3.836% reoffer yield and, for the 10-year tranche, 4.875% based on a 4.982% reoffer yield. They mature in June 2019 and June 2024 respectively.
The transaction is expected to be completed once the subscription agreement is signed and the relevant certificate obtained from the Capital Markets Board (CMB). The bonds are expected to be quoted on the Irish Stock Exchange.
Barclays, BNP Paribas, Emirates NBD, JP Morgan and Standard Chartered are working on the offering.
Turk Telekom 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).
