April 3 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is the largest lender in a $455 million (421.5 million euro) financing package provided to Turkish confectionery producer Ulker Biskuvi Sanayi A.S. [IST:ULKER].
The EBRD provided a 75 million euro ($80.9 million) loan as part of the international funding by a total of eight lenders that the leading Turkish biscuit maker will use to ensure smooth continuation of its operations and expansion both at home and abroad, the bank said in a statement on Thursday.
The financing package, which matures in three years, also includes a $374 million syndicated facility led by Bank of America as the global coordinator, bookrunner and initially mandated lead arranger, along with Rabobank U.A., and Emirates NBD Capital Limited.
The funding will be used to help refinance syndicated loan facilities maturing in April 2020, as well as for strategic investments, the statement reads.
“Despite the challenges caused by the coronavirus, the EBRD remains opens for business. [...] We are pleased that the EBRD’s participation in this transaction has provided additional comfort to investors [...]," EBRD managing director for Turkey, Arvid Tuerkner, said.
Ulker produces biscuits, cakes, wafers, chocolate bars and chocolate-covered biscuits. The company sells products throughout Turkey and exports to Europe, North America, Africa, Asia and the Middle East.
The EBRD has previously provided a total of 100 million euro to support Ulker’s operations in Turkey and Kazakhstan.
($ = 0.926448 euro)