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BulgariaSOCAR Türkiye raises $1.6 billion in refinancing
SOCAR's subsidiary SOCAR Türkiye raised $1.6 billion as part of a refinancing of its obligations. The syndicated financing was organised by First Abu Dhabi Bank (FAB) and Mizuho Bank.
The company said the financing was obtained on favourable terms despite continued uncertainty in the global economy. SOCAR is the guarantor of the five-year deal. Banks from Europe, the Far East and the Middle East, 22 in total, took part in the syndicated financing, and applications exceeded the targeted amount 1.8 times. The deal offers a longer repayment period and a lower cost of borrowing than previous loans and similar market transactions. The company said the refinancing creates no additional obligations for SOCAR.
SOCAR President and Chairman of the SOCAR Türkiye Board of Directors Rovshan Najaf said that obtaining financing on such terms confirms the high level of trust international financial institutions place in SOCAR Türkiye. He added that financing from international sources strengthens the liquidity of the SOCAR group and confirms that its projects are supported by financial institutions.
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