Turkey’s leading oil refinery, Turkiye Petrol Rafinerileri A.S. (Tupras), has applied to the Capital Markets Board (SPK) for the issuance of bonds or commercial papers worth up to 20 billion TL.
According to the company’s statement published on the Public Disclosure Platform (KAP), the issuance will target qualified investors within Turkey through private placement, without a public offering. The instruments will be in Turkish Lira, with maturities of up to five years and may be issued in one or multiple tranches.
Details of the KAP Statement
Tupras released the following announcement regarding its application:
“On December 20, 2024, our Board of Directors, based on the authority granted under Article 8 of our Company’s Articles of Association, resolved to issue bonds and/or commercial papers in Turkish Lira, with maturities up to five years and a total value not exceeding 20 billion TL. These will be offered domestically through private placement and/or to qualified investors, in one or multiple tranches.
The necessary application for approval has been submitted to the Capital Markets Board today as part of this decision.
The English translation of this announcement is provided as an attachment. In case of any discrepancies between the English and Turkish versions, the Turkish text shall prevail.”
Tupras’ move reflects its strategy to leverage the domestic bond market for flexible financing options, targeting institutional investors while avoiding a public offering.
Source: CNBC-e/ Prepared by: İlayda Gök