Petkim starts to place first Eurobonds this week

Baku. 22 January. REPORT.AZ/ Petkim Holding, mainly owned by the State Oil Company of Azerbaijan Republic (SOCAR), plans to place the first Eurobond emission in the volume of $ 500 mln on the Irish Stock Exchange on January 26.

Report informs, Petkim has released information on the Turkey’s Public Disclosure Platform (KAP).

According to statement, annual yield of the bonds with turnover period of 5 years is considered 5.875%. The bonds will be put up for sale at price of 99.467% of nominal value.

Interest payments will be made on July 26 and January 26 every year until the end of the term, once every six months starting from July 26, 2018.

The statement also says, have also been completed the order collection works for Eurobonds, planned to be placed on the Irish Stock Exchange. Goldman Sachs International, J.P. Morgan Securities Plc., Citigroup Global Markets Ltd., Societe Generale and VTB Capital Plc. were authorized in regard with the Eurobonds emission.

Notably, on October 27, 2017, Petkim Holding has declared about the planning of Eurobonds issue up to $ 500 mln in accordance with the decision of the Management Board in order to get share in STAR Oil Refinery, which is under construction in Aliağa (Izmir). The company has appealed to the Capital Markets Board in November 2017. In late December 2017, the Capital Markets Board of Turkey responded positively to the appeal on issue of Eurobonds made by Petkim Holding.

Notably, after privatization process completed in 2008, SOCAR became main shareholder of Petkim. Currently, SOCAR owns 51% of Petkim Holding shares. The rest of Petkim stakes is in circulation at Istanbul Stock Exchange. Petkim is the first and only petroleum chemical complex in Turkey and the biggest exporter of Aegean region.