SOCAR to redeem Eurobonds amounting $500M
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Azerbaijan’s state energy company SOCAR announced about redemption of Eurobonds amounting $500 million maturing in 2017.
All holders of bonds with a yield of 5.45 percent must submit their bids to redeem them for cash till January 26.
Profit on redemption will hit two percent of face value. Deutsche Bank has been chosen as a manager of the issue.
SOCAR has already implemented two issues of Eurobonds. SOCAR's Eurobond debut issue in the amount of $500 million with a yield of 5.45 percent per annum was made in February 2012. The maturity date of the primary Eurobond issue was set at February 9, 2017.
On March 11, 2013, SOCAR implemented its second issue of Eurobonds to the amount of $1 billion for 10 years with a yield of 4.75 percent per annum on the CEEMEA market (Central and Eastern Europe, the Middle East, Africa). The demand for them was three times more than the volume.
The debut sovereign Eurobonds with an interest rate of 5 percent
and the loan repayment in 2024 were placed in the amount of $1.250
billion on March 10.
The second issue of SOCAR’s Eurobonds occurred with the help of
Deutsche Bank with a yield of 4.75 percent. At present, the
interest rate on the bonds is 5.8 percent per annum. More than $3
billion have been already drawn due to this transaction.
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