Tupras refines pricing on $2.2bn deal

Turkish oil firm Tupras is in the market for a loan of up to $2.2bn to finance the upgrade of one of its refineries. The company, rated BB by Fitch, is seeking a dual-tranche deal. The larger piece will be an export credit agency covered facility. There will also be a smaller uncovered piece, which will make up about a fifth of the overall financing.

  • 08 Oct 2010

"There’s been a good response from banks," said a loans banker on the deal. "Now we’re down to haggling about the price."

The company’s domestic sales margin gives it an above‐average cash flow for a refining business, according to Fitch.

It recorded operating profits of $2.13bn dollars for the ...

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