400 million dollar Eurobond issuance by Gdz Elektrik Dağıtım

Gdz Elektrik Dağıtım realized a 400 million dollar issuance for Eurobond with a 5-year maturity and an interest rate of 9 percent, all with the demands of foreign investors.
Gdz Elektrik Dağıtım has issued a $400 million Eurobond in international markets. The issuance, which Gdz Elektrik Dağıtım has realized for the first time, has a maturity of 5 years and an annual interest rate of 9 percent. Coupon payments of the bond will be made twice a year in March and September.
Citigroup and Morgan Stanley were the primary financial institutions responsible for the issuance of the bond, which will be traded on the Irish stock exchange Euronext Dublin. Gdz Elektrik shall use the proceeds from the issuance for working capital needs, capital expenditures (CAPEX) and for the strengthening of the existing capital structure.
The Group's second Eurobond issuance
Stating that the $400 million issuance is an indication of the confidence of foreign investors in Türkiye and Gdz Elektrik, Aydem Energy CEO İdris Küpeli said, “The value of the bonds to be issued by Gdz Elektrik, one of our group companies, will be 400 million dollars and the maturity thereof shall be 5 years. With the bonds to be issued with an interest rate of 9 percent, we will bring a significant resource to our country from abroad and contribute to our economy. This transaction will also be the second Eurobond issuance of our group. With our first $750 million Eurobond issuance, we had realized the highest amount of bond issuance in Türkiye at the first time and with a single transaction. With this second transaction, our Eurobond issuance size has reached 1 billion 150 million dollars, all of which is foreign sourced.”