EBRD helps Turkish confectionery producer Ülker Bisküvi Sanay with $455m funding
Ülker Bisküvi Sanay, a Turkish confectionery producer, has secured a financial package of $455 million from the European Bank for Reconstruction and Development (EBRD) to continue its operations and expand them further in Turkey and overseas.
The company has secured the financial package from eight lenders with three-year maturity, which comprises a syndicated facility of $374 million and a parallel loan of €75 million.
Arvid Tuerkner – EBRD Managing Director for Turkey said: “Despite the challenges caused by the coronavirus, the EBRD 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 this transaction has provided additional comfort to investors, enabling Ülker to raise funds to continue smooth operations and pursue new growth opportunities at home and abroad.”
The Turkish confectionery producer makes cakes, biscuits, wafers, chocolate bars, and chocolate-covered biscuits and sells them all over Turkey apart from exporting them to North America, Europe, Asia, Africa, and the Middle East.
The new financing package will help Ülker Bisküvi Sanay refinance its previous syndicated loan facilities maturing in April 2020 and help it in using it for strategic investment plans.
The EBRD provided a financial aid of €100 million previously to Ülker Bisküvi Sanay’s operations in Turkey and Kazakhstan.
The Bank of America led the new transaction as the global coordinator, bookrunner, and initially mandated lead arranger, alongside Rabobank, and Emirates NBD Capital.