Baku, Azerbaijan, Jan. 22
By Maksim Tsurkov – Trend:
Turkey’s Petkim petrochemical complex plans to place Eurobonds worth $500 million on the Irish Stock Exchange on Jan. 26, according to information posted on the website of Turkey’s Public Disclosure Platform (Kamuoyunu Aydinlatma Platformu – KAP) Jan. 22.
The profitability of bonds with a circulation period of five years will be 5.875 percent. The bonds will be put up for sale at a price of 99.467 percent of the face value.
Interest payments will be made twice a year - on July 26 and on Jan. 26 until the end of the circulation period.
Goldman Sachs International, J.P. Morgan Securities Plc., Citigroup Global Markets Ltd., Societe Generale and VTB Capital Plc. have been empowered to issue the Eurobonds.
Petkim intends to channel the funds from the placement of Eurobonds for the acquisition of a 30-percent stake of SOCAR Turkey Energy in Rafineri Holding, which owns a controlling stake in the STAR refinery.
The deal will allow Petkim to also acquire an 18-percent equity stake in the STAR refinery.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The production capacity of Petkim is 3.6 million tons per year.
Petkim shareholders are SOCAR Turkey Petrokimya AS (51 percent), Goldman Sachs (7.68 percent), and other shareholders (41.32 percent).