Turkey's Ulker secures $455m financing

Region:

Europe

Turkish confectionery producer Ulker Biskuvi Sanayi has secured a three-year $455 million loan.

It consists of a syndicated facility of $374 million and a parallel loan of €75 million provided by the EBRD, the largest lender among eight international financiers in the transaction. The new transaction was led by Bank of America as the global coordinator, bookrunner and initially mandated lead arranger, along with Rabobank and Emirates NBD Capital Limited.

Ulker produces biscuits, cakes, wafers, chocolate bars and chocolate-covered biscuits. It sells products throughout Turkey and exports 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. The EBRD has previously provided a total of €100 million to support Ulker’s operations in Turkey and Kazakhstan.

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