PASHA Bank co-manages key Eurobond deal
PASHA Bank, a leading corporate bank in Azerbaijan, has successfully acted as a co-manager for the $150 million Eurobond issue of Baghlan Group, which recently closed the deal for acquiring a 33.33 percent stake in Bahar Energy Limited, the developer of Bahar and Qum Deniz offshore deposits, the bank said.
By participating in the transaction, PASHA Bank has become the first privately owned bank in Azerbaijan to act as a co-manager of a large international debt issue, the bank said in a statement.
BNP Paribas was the lead manager for the transaction. The Eurobond has a 14.75 percent coupon rate. The repayment term is 3 years, and interest accrual begins on June 27.
Since early 2011, when PASHA Bank commenced its arranging services for debt issues, it has invested in four significant issues for a total amount of $90 million. The issuers represented a variety of industries, including a commercial bank and a telecommunications company.
The bank plans to continue strengthening its leading positions on the regional securities market, both in supporting issues and developing the secondary securities market, the statement said.
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