Şişecam, the only global company operating in all core areas of glass, has successfully issued a new 7-year Eurobond worth 500 million dollars to international funding and financial institutions.
The latest issuance, executed by its wholly owned UK subsidiary, Şişecam UK PLC, adds to Şişecam's series of successful debt offerings driven by strong investor demand in international markets. The coupon rate for the issuance was set at 8.3750%.
Citigroup Global Markets Limited, BNP Paribas, J.P. Morgan Securities plc, and Emirates NBD Bank PJSC were mandated for this issuance. Credit ratings were affirmed at Şişecam's current levels, rated “B" by Fitch and “B2" by Moody's.
Proceeds from the Eurobond will be used to refinance the remaining 372 million dollar-liability from 2026 Notes, as well as selected short-term financial obligations. This issuance enables Şişecam to diversify its funding sources used in liquidity management and extend the maturity profile its short-term financial liabilities, thereby shifting to a long term debt profile.
In his assessment regarding the issuance, Şişecam's CEO Can Yücel stated that the strong interest from international investors underscores confidence in Şişecam's robust global positioning and long-term strategy. Yücel said, “As Şişecam, we are determined to and consistently maintain a strong, disciplined and reliable presence in international capital markets. This issuance is a concrete reflection of global investors' confidence not only in our current financial performance, but also in our long-term strategic journey and sustainable growth vision. By extending our debt maturity, we enhance our resilience against various medium-to long-term risks, thereby increasing our financial and operational flexibility and significantly supporting our investment plans focused on value creation."
Last year, Şişecam issued a total of 1.5 billion dollars in Eurobonds, consisting of 675 million dollars with 5-year and 825 million dollars with 8-year maturities, attracting nearly 5 billion dollars in demand, marking the largest corporate bond issue in the history of the Republic of Türkiye. This new issuance reaffirms Şişecam's credible standing in international capital markets.
Key Details of Şişecam's Eurobond Issuance:
- The 7-year fixed-rate bonds have a nominal value of 500 million dollars with a coupon rate set at 8.3750%.
- Total demand from international funding and financial institutions was 1.7 billion dollars.
- Investor meetings for the Eurobond issuance were held in London.
- Meetings involved discussions with more than 60 investors.
About Şişecam
Şişecam is a story of progress...
Founded in 1935 by İş Bankası with the vision, Şişecam was established to build Türkiye's glass industry. Over the decades, Şişecam has grown from a local initiative into a global player in glass and chemicals.
As the only global company operating in all core areas of glass production, Şişecam is one of the world's top five producers in its sectors.
Şişecam operates across four continents and 12 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Egypt, India, and the United States. Şişecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Şişecam delivers its products to customers in over 150 countries through its robust supply chain.
Şişecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by more than 22,000 employees, Şişecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries.
With its CareForNext strategy, Şişecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals.
Şişecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.
Learn more: www.sisecam.com.tr
