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

US official declines to say whether Iran oil sanctions waivers will be extended

The US special representative for Iran, Brian Hook, has declined to say what the Trump administration in Washington plans to do when 180-day sanctions waivers granted to eight countries to continue ... more

Critics decry decline of health and safety in Turkey after nine die in commuter train crash

Three employees of Turkey’s state railway were on December 13 detained on suspicion of negligence after at least nine people were killed and 84 were injured when an early morning high-speed ... more

Turkish unemployment will go “through the roof” says academic as fears grow there’ll be no V-shaped recovery

Turkey looks set to enter a recession that will spark rocketing unemployment and morph into future growth rates that will be below the economy’s potential. Refet Gurkaynak, a professor of ... more

Dismiss