SOCAR Türkiye secures $1.6 billion in financing
SOCAR Türkiye has secured $1.6 billion in financing from international banks to refinance its existing long-term financial obligations.
The syndicated financing transaction, led by First Abu Dhabi Bank (FAB) and Mizuho Bank, involved 22 banks from Europe, the Far East, and the Middle East. The five-year financing was completed with a guarantee from SOCAR at an annual interest rate of SOFR plus 230 basis points. According to the company's statement, the new financing carries a lower cost than its previous loans.
The transaction attracted demand equivalent to 1.8 times the targeted financing amount and will be used to refinance the company's existing debt. Rovshan Najaf, President of SOCAR and Chairman of SOCAR Türkiye, said the financing secured from international financial institutions strengthens the group's liquidity and reflects confidence in its ongoing projects. The company stated that the transaction does not create any additional financial obligations for SOCAR Group.
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