Published: September 2, 2014
White goods manufacturer aims to raise €500mn with debut international euro issuance.
Arcelik, a Turkish white goods manufacturer listed on the Borsa Istanbul, plans to raise up to €500mn (US$656mn) via a new Reg S-only bond issuance, a company spokesperson has confirmed.
The roadshow, which runs from September 3 to 8, will take in London, Frankfurt, Munich, Amsterdam, Paris, Zurich and Geneva. BNP Paribas, Citi and HSBC are running the deal.
Some “proceeds will be used for short term debt refinancing and the rest for general corporate purposes”, the spokesperson told EMEA Finance. The prospective issuance has been rated BB+ by Fitch and Standard & Poor’s.
The company entered the international bond market in March 2013 with a US$500mn deal. That issuance attracted US$1.7bn-worth of orders and the paper priced with a coupon of 5%. Bank of America Merrill Lynch, JP Morgan and RBS handled the transaction.
Arcelik is one of Turkey’s largest listed companies, with a market capitalisation of around US$4bn. It has 13 international subsidiaries, including businesses in the US and China, and 4,500 branches in Turkey. Its majority shareholder is Koc Holding, Turkey’s largest industrial holding company.