Tekfen Holding Attracts 500 Million TL Demand in Financing Bond Issuance
Forex - Tekfen is continuing to diversify its funding base with new financial instruments to implement new investments and strengthen the capital of its group companies. Tekfen Holding has signed a syndication loan agreement worth a total of $95 million with a variable interest rate and a three-year term, led by Yapı Kredi Bank alongside Akbank, Alternatif Bank, and Aktif Bank. Initially, due to strong demand for the issuance of financing bonds worth 250 million TRY through Doğan Yatırım Bankası, Tekfen collected requests totaling 500 million TRY.
Hakan Dündar, Vice President of Finance at Tekfen Holding, stated that they will manage their investments within the framework of their strategic plans with the resources obtained from the syndication loan and financing bond issuance. “As Tekfen, we are working to carry our group into the future with the strength we derive from our business culture and experiences, in line with our technology, innovation, and sustainability-based business model and new strategy. In the changing world order, new energy sources and decarbonization are at the forefront. For us, the green energy-focused transformation is one of the most important areas we are pursuing. By utilizing the ecosystem stemming from construction, engineering, manufacturing, and agriculture sectors, we aim to be pioneers in green hydrogen and green ammonia investments. To support this goal, we plan to invest in a green ammonia facility in Turkey initially. The new strategy put forth by our group certainly requires significant financing. In this regard, we are basing it on our sustainability approach and creating sustainable financial resources,” he said.
The syndication loan has been signed with the participation of Akbank, Alternatif Bank, and Aktif Bank, led by Yapı Kredi. In line with its approach to creating sustainable financing, Tekfen has secured a significant syndication loan of $95 million with a variable interest rate and a three-year maturity with the participation of Akbank, Alternatif Bank, and Aktif Bank, led by Yapı Kredi Bank. Dündar mentioned that as a strong player in the market, Tekfen is among the few companies in Turkey with high credibility to make major financial agreements, stating, “We aim for Tekfen to be a more active player in the markets with more innovative instruments. In this direction, we have created another important source of financing that will provide our company with financial maneuverability. The resources obtained from the syndication loan and financing bond issuance, viewed as a key part of Tekfen Holding’s new strategy, will significantly contribute to the strengthening of the capitals of our group companies while also taking steps in the renewable energy sector, which is positioned as our fourth area of activity with a sustainability focus.”
The first step towards new financial instruments has been taken with the issuance of financing bonds. Tekfen Holding continues to diversify its funding base with new financial instruments leveraging its credibility in the market. Dündar noted that after the syndication loan, they carried out the issuance of financing bonds through Doğan Yatırım Bankası under the approved issuance ceiling by the Capital Markets Board (CMB). “With our more centralized and large-scale financing initiatives, we are carrying our companies into the future. We consider the issuance of financing bonds as part of Tekfen Holding’s strategy to diversify its financial instruments and to provide financing in line with its long-term sustainable growth objectives. Following our application to the CMB, the issuance conducted through the method of sale to qualified investors quickly yielded results, resulting in a total of 500 million TRY from approximately three times the incoming demand. This successful issuance, carried out through Doğan Yatırım Bankası, has once again certified Tekfen Holding's reliability among investors. We thank all our investors who trust us,” he added.