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SOCAR to buy back 2017 eurobonds worth $403M (UPDATE)

Business Materials 27 January 2016 16:14 (UTC +04:00)
Azerbaijan’s state oil firm SOCAR said it would buy back 2017 eurobonds worth $403 million, Reuters reported Jan. 27.

details added (first version posted at 15:38)

Baku, Azerbaijan, Jan. 27
By Maksim Tsurkov - Trend:

Azerbaijan's state oil firm SOCAR said it would buy back 2017 eurobonds worth $403 million, Reuters reported Jan. 27.

The invitation expired at 5:00 p.m. London time on January 26, 2016. The expected Settlement Date for the Invitation is January 29, 2016.

Deutsche Bank has been chosen as a manager of the issue.

SOCAR has already implemented two issues of Eurobonds. SOCAR's Eurobond debut issue to the amount of $500 million with a yield of 5.45 percent per annum was made in February 2012. The maturity date of the primary Eurobond issue was set at February 9, 2017.
On March 11, 2013, SOCAR implemented its second issue of Eurobonds to the amount of $1 billion for 10 years with a yield of 4.75 percent per annum on the CEEMEA market (Central and Eastern Europe, the Middle East, Africa). The demand for them was three times more than the volume.

The debut sovereign Eurobonds with an interest rate of 5 percent and the loan repayment in 2024 were placed in the amount of $1.250 billion on March 10.

The second issue of SOCAR's Eurobonds occurred with the help of Deutsche Bank with a yield of 4.75 percent. At present, the interest rate on the bonds is 5.8 percent per annum.

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Follow the author on Twitter: @MaksimTsurkov

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