home . news & publications . Investment News . SOCAR Plans $1 billion in Eurobond Issue

SOCAR Plans $1 billion in Eurobond Issue

Azerbaijan's state energy firm SOCAR plans to raise $1 billion from a Eurobond issue to refinance its existing debt and fund its upstream and downstream operations, a SOCAR official said last Friday.

"We are working on Eurobonds ... the issue is aimed at improving SOCAR's ratings on the financial markets," SOCAR President Rovnag Abdullayev told reporters.

SOCAR issued a debut Eurobond of $500 million last year.

"We issued Eurobonds of $500 million last year," Abdullayev said, noting that the bonds have attracted good demand since.

SOCAR used funds from the first issue to buy assets from Exxon Mobil in Switzerland and increase the company's stake in Turkey's Petkim Holding.

The credit rating agency Moody's Investors Service has assigned a Ba1 rating to the approximately $1 billion worth of notes SOCAR plans to sell.

According to a Moody's press release, the outlook on the rating is stable, reflecting SOCAR's robust financial metrics supported by the favorable oil market environment and the company's operating performance outlook.

Source: Reuters

Back to top

subscribe

events view our upcoming events.

network follow us.



   facebook  linkedin  twitter

 bp
anglo-asian ata-holding
azpetrol statoil
bny_melon azertrans
chevron_logo conocophillips
  ibar exxonmobil
 solar-turbines boeing-logo-website
 
  
 
           
        
   
 
 
         pg
    ekvitasocaraqs            
          ge