By Rebecca Melvin
New York, April 27 – Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank) priced $500 million of 6 1/8% six-year notes (expected ratings: Ba2) at 99.343 to yield 6.35%, or mid-swaps plus 330 basis points, on Thursday, according to a syndicate source.
Citigroup (billing and delivery), ING, Mizuho Securities, MUFG, SMBC Nikko and Standard Chartered are the joint bookrunners of the Rule 144A and Regulation S notes.
The issue has a change-of-control put at 100% if the Republic of Turkey ceases to own 100% of the bank’s shares and Turk Eximbank’s ratings fall below the Republic’s ratings within six months of a disposal event, or if the Republic ceases to own at least 50% of Turk Eximbank’s shares.
Ankara, Turkey-based Turk Eximbank is an export credit agency.
| Issuer: | Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank)
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | May 3, 2024
|
| Bookrunners: | Citigroup (billing and delivery), ING, Mizuho Securities, MUFG, SMBC Nikko, and Standard Chartered
|
| Coupon: | 6 1/8%
|
| Price: | 99.343
|
| Yield: | 6.35%
|
| Spread: | Mid-swaps plus 330 bps
|
| Change-of-control put: | 100%
|
| Pricing date: | April 26
|
| Settlement date: | May 3
|
| Rating: | Moody’s: Ba2
|
| Distribution: | Rule 144A and Regulation S
|
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