BAKU, Azerbaijan, Apr. 2
By Nargiz Sadikhova – Trend:
Turkey’s leading confectionery producer – Ulker Biskuvi Sanayi A.S. – has secured international funding to continue smooth operations and further expansion in Turkey and abroad, Trend reports with reference to European Bank for Reconstruction and Development (EBRD).
The company raised a $455 million financing package with three-year maturity. It consists of a syndicated facility of $374 million and a parallel loan of €75 million provided by EBRD.
EBRD Managing Director for Turkey Arvid Tuerkner said that despite the challenges caused by the coronavirus, the European Bank for Reconstruction and Development remains opens for business.
“Working remotely, we stand by our clients and are committed to supporting them in the most difficult times. We are pleased that the EBRD’s participation in the syndication has provided additional comfort to investors, enabling Ulker Biskuvi Sanayi to raise funds to continue smooth operations and pursue new growth opportunities at home and abroad,” he said.
The report said that Ulker Biskuvi Sanayi produces biscuits, cakes, wafers, chocolate bars and chocolate-covered biscuits. It sells products throughout Turkey and exports them to Europe, North America, Africa, Asia and the Middle East.
The new funds will help refinance previous syndicated loan facilities maturing in April 2020 and will be used for strategic investment projects.
EBRD has previously provided a total of €100 million to support the company operations in Turkey and Kazakhstan.
Helping successful Turkish companies such as Ulker Biskuvi Sanayi to further improve their competitiveness is part of the EBRD’s effort to support Turkey’s economy.
The European Bank for Reconstruction and Development is a major investor in Turkey. Since 2009, it has invested almost €12 billion in various sectors of the country’s economy, with almost all investments made in the private sector. The bank’s €6.7 billion Turkey portfolio is the largest among the 38 economies where the Bank invests.
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