Turkish food company Ulker secures $375mn syndicated loan

Turkish food company Ulker secures $375mn syndicated loan
By bne IntelliNews April 16, 2017

Turkish confectioner Ulker Biskuvi announced on April 13 that it has secured a three-year syndicated loan in two tranches of $136mn and €225mn.

“Some portion of the loan facility will be utilised to refinance the loan to mature in 2017 and the remaining amount will be used to finance Ulker's operations and regional investments,” the company noted in a filing with the Istanbul Stock Exchange.

In February, Ulker said it had initiated “talks with United Biscuits with regards to the acquisition of a 100% owned IBC facility and its sales and distribution rights for McVities products in the Middle East and North Africa.”

Last month, Ulker agreed to buy Maia International B.V.'s 100% share in Hamle Company, located in Kazakhstan, for $3mn.

Shares in Ulker Biskuvi, which is controlled by one of Turkey’s largest food groups Yildiz Holding, fell sharply on the first trading day of April after an April Fools’ Day ad was perceived to have included references to a military coup.

Shares in Ulker, which is controlled by Yildiz Holding, fell 4.3%, from TRY18.46 on March 31 to TRY17.66 on April 7. They were trading at TRY18.18 as of 10am Istanbul time on April 14.

Ulker Biskuvi produces popular brands including Topkapi chocolate, Silivri and Gebze biscuits and Esenyurt cakes at its factories in Ankara and Istanbul. It also has production facilities in Egypt and Saudi Arabia. 

 

Related Articles

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more

EU governments reportedly agree to cut Turkey’s pre-accession funds

EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more

Mystery deepens over Zarrab's role in Iran sanctions case reverberating in Turkey

Reza Zarrab, the wealthy Turkish-Iranian entrepreneur who allegedly masterminded an extensive conspiracy to help Iran evade US sanctions will not stand trial in New York this week as scheduled, even ... more

Dismiss