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

Trial starts of Bloomberg reporters accused of spreading false information at height of Turkey’s currency crisis

Two Bloomberg reporters and 17 other defendants on September 20 sought their acquittal in Turkey on charges that they spread false information about the economy at the height of last year's Turkish ... more

US ‘unlikely to win battle against Iran’s oil exports with China, Syria, Turkey still buying’

Washington is not likely to succeed with its campaign to drive Iranian oil exports to zero and Iran is expected to maintain its shipped crude consignments at 400,000 b/d in the second half of 2019 ... more

Living dead companies ‘weigh on Erdogan plan to turn on credit taps to stimulate Turkish economy’

Turkey has so many living dead companies that President Recep Tayyip Erdogan’s latest attempt to stimulate the recession-hit economy by turning on the credit taps is reportedly floundering. ... more

Dismiss