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The Turkish business of State Oil Company of the Azerbaijan Republic (Socar) has launched a refinancing of a corporate credit facility, according to 9fin sources.
The Socar Türkiye Enerji Anonim Şirketi (STEAS) transaction targets a base size of $1.6bn, although the final facility size could increase depending on the volume of bank commitments.
STEAS is one of the largest industrial holding companies in Turkiye. It anchors the country’s industrial infrastructure through critical assets that include the STAR Refinery, the Petkim petrochemical complex, and the Trans Anatolian Natural Gas Pipeline Project (TANAP). Beyond large-scale refining and chemical manufacturing, it distributes regional natural gas and operates extensive fuel retail and storage networks as well as a dedicated high-capacity fibre-optic digital infrastructure network.
The new deal will refinance the company’s $1.3bn equivalent dual-currency facility signed in September 2021. That comprised two separate dollar and euro tranches of $825m and €401m, with a five-year maturity, according to S&P data.
First Abu Dhabi Bank and Mizuho will anchor the new bookbuilding process, according to 9fin sources. Citi and JP Morganwere the original global...
