By Rebecca Melvin
Concord, N.H., April 5 – Istanbul Metropolitan Municipality priced $305 million five-year notes (B2//B+) at par with a 10¾% coupon, according to a syndicate source.
The Rule 144A and Regulation S notes were marketed via joint bookrunners J.P. Morgan Securities plc, HSBC, ING and Societe Generale.
Proceeds will be used for financing projects related to the municipality’s metro railway lines.
The municipality is made up of district municipalities of Istanbul and governed by a non-elected council body.
| Issuer: | Istanbul Metropolitan Municipality
|
| Amount: | $305 million
|
| Issue: | Senior notes
|
| Maturity: | April 12, 2027
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| Bookrunners: | J.P. Morgan Securities plc, HSBC, ING and Societe Generale
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Trade date: | April 5
|
| Settlement date: | April 12
|
| Ratings: | Moody’s: B2
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| ISINs: | XS2466363202, US46522TAB44
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