SOCAR Turkey has attracted financing equivalent to $ 1.3 billion from credit institutions, including JP Morgan and Citi, to refinance its previous obligations, Report informs, citing SOCAR Turkey.
The refinancing operation does not increase the company's financial liabilities and keeps them stable. The company has reaffirmed its strong position in the world markets with the high amount of refinancing it provided during the global uncertainty caused by the pandemic.
SOCAR Turkey has realized the refinancing by attracting funds equivalent to $ 1.3 billion from credit institutions, including JP Morgan and Citi, in 2021.
The fund attracted for refinancing operations is distinguished by their long maturities, low-interest rates compared to their counterparts in the market.
The funds attracted by the syndicate with the participation of the world's leading banks and financial institutions with the guarantee of SOCAR for a period of 5 years and an annual LIBOR / EURIBOR +3.45% is seen as a manifestation of confidence in the sound financial structure and strong position of SOCAR and SOCAR Turkey. As a result of the refinancing operation, the funds raised from outside caused an additional liability for SOCAR, as it replaced a part of the company's previous liabilities.
Rovnag Abdullayev, Chairman of the Board of SOCAR Turkey: "Allocation of refinancing funds of this amount and on favorable terms by the world's leading financial institutions, including JP Morgan and Citi, is a manifestation of great confidence. Attracting a significant amount of funding from international sources will improve the liquidity of the SOCAR Group, as well as shows that financial institutions support our projects."