Turkcell raises $1 billion through bond issuances

ISTANBUL

Turkish telecom giant Turkcell has raised a total of $1 billion through conventional and sustainable bond issuances.

In a filing with Borsa Istanbul, the company said it completed the sales process of the sustainable bond issuance with a nominal amount of $500 million and seven-year maturity to qualified investors abroad.

The redemption date of the bonds, which have a fixed annual coupon rate of 7.65 percent, is Jan. 24, 2025.

Turkcell said that the sustainable bond is listed on the Irish Stock Exchange (Euronext Dublin), adding that the proceeds from the issuance were transferred to the company's accounts.

The company also announced the successful completion of a $500 million conventional bond issuance, intended for qualified overseas investors.

The bonds with a five-year maturity and a fixed annual coupon rate of 7.45 percent are also listed on the Irish Stock Exchange, Turkcell detailed in a filing with Borsa Istanbul.

“The funds from our bond issuance will provide an important opportunity to strengthen our digital infrastructure and realize our sustainable projects,” said Kamil Kalyon, chief financial officer at Turkcell.

“The double tranche Eurobond issuance, the first since 2018, reflects the financial strength of our company and once again demonstrating the confidence of international investors in us,” Kalyon commented.