Turkcell applies to issue up to $750mn of Eurobonds

Turkcell applies to issue up to $750mn of Eurobonds
By bne IntelliNews February 26, 2018

Turkey’s largest mobile operator Turkcell has applied to the Turkish Capital Markets Board (SPK) to issue up to $750mn worth of Eurobonds, the company said on February 26 in a bourse filing.

Turkcell’s net income rose by 31% y/y to TRY1.98bn (€425mn) in 2017 while revenues rose by 21% y/y to TRY17bn.

Turkcell's main shareholders - Cukurova, Alfa Group and TeliaSonera - have been engaged in a long running legal dispute over control of the company.

Russia's Alfa Telecom was interested in increasing its stake in Turkey’s largest mobile operator Turkcell by buying out Turkish firm Cukurova, which missed a recent debt repayment and could consider offers, people familiar with the matter told Reuters in November.

If the offers are attractive, Cukurova may consider selling its 13.8% stake in Turkcell, given as collateral to Turkey's state-run lender Ziraat in 2014, in order to pay a $1.6 billion loan from the bank, the people reportedly added.

In September, Sonera Holding B.V., a wholly owned subsidiary of Telia, launched an accelerated bookbuilding offer for institutional investors of approximately 153.5 million shares in Turkcell, representing approximately 7.0% of Turkcell’s issued share capital.

In May, Telia sold 155mn shares, representing a 7% direct stake in Turkcell.

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