This project invests in a bond issued by Migros Ticaret A.S., the proceeds of which will be used to refinance existing short-term loans taken on by the company.
This is Migros Ticaret A.S's first bond issuance totaling TRY 150 million (EUR 27 million). The bond is listed on Borsa Istanbul.
The issuance is the first part of a continuing series under a bond programme with a total aggregate size of TRY 550 million (EUR 99 million). The Bank has approval for an investment of up to TRY 110 million (EUR 19.8 million) in the entire programme. Migros has an approval from Capital Markets Board to increase the issuance up to TRY 1 billion (EUR 180 million) if they choose to.
The bond will be denominated in local currency comprising of sub-tranches indexed to Turkish Lira Interbank Offer Rate (TRLIBOR) and Constant Maturity Treasury Reference (CMTR) as its benchmark rates with maturities of three and two years respectively. As part of this issuance Migros has received a credit rating of AA-/Stable outlook from Fitch.
Migros operates in 81 Turkish provinces, through a network of 1,976 food retail stores under Migros, M-Jet, 5M, and Macrocenter banners. The Company is also active in Kazakhstan and FYR Macedonia with 41 Ramstore outlets. Migros is 50% owned by Anadolu Grubu Holding A.S., the holding company of Anadolu Group. The remaining shareholding (23.2%) is held by a private equity consortium, and the remainder (26.8%) is free float on the Borsa Istanbul.
Cem Dogan (Finance Director)
+ 90 216 579 30 00
Migros Ticaret A.S., Ataturk Mahallesi, Turgut Ozal Bulvari, No:7, Atasehir, Istanbul, Turkey
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