By Reshmi Basu
New York, Nov. 10 - The Republic of Turkey priced a $750 million reopening of its 6 7/8% global bonds due 2036 (Ba3/BB-/BB-) at 93.96 to yield 7.38% on Thursday, according to a prospectus filed with the Securities and Exchange Commission.
The drive-by deal came at a spread of Treasuries plus 265.2 basis points.
With the latest addition, the total size of the issue is $2.25 billion.
Credit Suisse and Lehman Brothers were lead managers for the Rule 144A and Regulation S reopening.
| Issuer: | Republic of Turkey
|
| Amount: | $750 million
|
| Issue: | Reopening of 6 7/8% global bonds due 2036
|
| Total amount: | $2.25 billion
|
| Maturity: | March 17, 2036
|
| Coupon: | 6 7/8%
|
| Issue price: | 93.96
|
| Yield: | 7.38%
|
| Spread: | Treasuries plus 265.2 basis points
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 14
|
| Managers: | Credit Suisse, Lehman Brothers
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
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