Turkey’s Coca-Cola Icecek mandates lenders to issue up to $1bn of eurobonds

Turkey’s Coca-Cola Icecek mandates lenders to issue up to $1bn of eurobonds
By bne IntelliNews July 27, 2017

Turkey’s Coca-Cola Icecek has mandated Citibank International plc., HSBC Bank plc., J.P. Morgan Securities plc., MUFG Securities EMEA plc. and BNP Paribas to issue up to $1bn worth of bonds on foreign markets, the company said on July 27 in a bourse filing.

Coca-Cola Icecek is planning the bond issue to finance existing bonds maturing in 2018, the statement from the company added.

By the stock market close on July 27, Coca-Cola Icecek shares were up 3.14% d/d to TRY44.04 while the benchmark BIST-100 was up 1.11% to 108,392. The annual gain on Coca-Cola Icecek shares stood at 23% versus the 39% y/y rise on the BIST-100.

Earlier this month, Fitch Ratings upgraded Coca-Cola Icecek's Long Term Foreign Currency (FC) Issuer Default Rating (IDR) and senior unsecured rating to ‘BBB' from 'BBB-' with a Stable outlook.

Coca-Cola Icecek is the fifth-largest bottler in the Coca-Cola System in terms of sales volume. It produces, distributes and sells sparkling and still beverages of The Coca-Cola Company in Turkey, Pakistan, Kazakhstan, Azerbaijan, Kyrgyzstan, Turkmenistan, Jordan, Iraq, Syria and Tajikistan.

The company employs over 10,000 people and has 25 plants.

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