Management companies buy 93% of SOCAR Eurobonds issue

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Baku, March 30, AZERTAC

Management companies bought 93 percent of SOCAR (State Oil Company of Azerbaijan) Eurobonds issue, placed in March 2015, the company has said.

SOCAR placed 15-year Eurobonds with volume of $750 million with a yield of 6.95 percent.

Proceeds of the placement of bonds are being used 50 percent for capital spending related to the Star refinery in Turkey, and the remainder refinancing of short term debt and for general corporate purposes.

Deutsche Bank and JP Morgan have been chosen as managers of the issue.

Management companies bought 93 percent of the issue, banks -- 5 percent, pension funds -- 2 percent, according to SOCAR.

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