Cimko Cimento ve Beton San. ve Tic A.S. (CIMKOC), exp B2/B+ (s/s) by Moody's/Fitch, US$300m 144A/Reg S 5nc2 sr unsec amortising notes due 5/21/30. 4.7-year WAL. 101 CoC. BofA (B&D)/Citi/HSBC as JGCs; ENBD/ING as JBRs. Early Redemption: Market standard make-whole and tax call provisions Standard HY call provision (50% / 25% / Par). Mandatory Redemption: Principal amortisations: 6.25% of issue size semi-annually from Year 3 to Year 4.5; Total principal amortisations prior to maturity: 25% of issue size Principal amount at maturity: 75% of issue size. Guarantors: None as of the Issue Date Springing guarantee mechanism for restricted subsidiaries accounting for more than 7.5% of consolidated EBITDA or guaranteeing any debt of the Issuer/Guarantors. Restrictive Covenants: Customary high yield incurrence-based covenants including limitations on Debt incurrence: 3.0x Consolidated Net Leverage Ratio and 2.5x Fixed Charge Cover Ratio Liens / secured debt Restricted payments Asset sales Transactions with affiliates. Listing: Euronext Dublin. Governing Law: English Law. Anchor Orders: The International Finance Corporation, the Green for Growth Fund and another international financial institution are considering subscribing for a total amount of up to USD110.2 million in the aggregate principal amount of the Notes. UOP: Refinancing of existing debt(~75% of issue size) Funding of capital expenditures(~15% of issue size) Dividend payment to shareholders (10% of issue size). Netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=514e6350. Pricing 5/14. Settle 5/21 (T+5).
IPTs: 11.00% area.LAUNCHED: $400m at 11.00%.
PRICED: $400m 10.75% 5/21/30 99.106 11.00%.
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Cimko Cimento ve Beton Sanayi A.S. (“Çimko” or the “Company”), one of the largest diversified cement producers in Turkiye with extensive presence and best-in class locations across the country, as well as competitive exports to over 20 countries globally, has mandated BofA Securities, Citi and HSBC as Joint Global Coordinators and Bookrunners, and Emirates NBD Capital and ING as Joint Bookrunners, to arrange a series of fixed income investor calls commencing today, Friday 9 May 2025, and meetings in London commencing Monday 12 May 2025. Çimko is expected to be rated B+ (Stable) by Fitch and B2 (Stable) by Moody’s. An inaugural US$ benchmark Reg S / 144A 5NC2 Senior Amortising Notes offering (the “Notes”), expected to be rated B+ by Fitch and B2 by Moody’s, will follow subject to market conditions.
The Joint Global Coordinators have engaged with the International Finance Corporation as development finance institution and the Green for Growth Fund as impact investment fund, which have provided their intention to place orders to purchase principal amounts of up to US$50m and US$10.2m respectively in the Notes offering, in the case of each institution, subject to the final terms and conditions of the offering and satisfaction of certain conditions precedent.
Another international financial institution may also elect in its discretion to participate in the Notes offering and could purchase up to the lesser of (i) US$50m or (ii) 20% of the principal amount of Notes offered, subject to the final terms of the Notes and the Offering, its final decision to purchase, and the Issuer’s discretion on allocations.
A NetRoadshow presentation, alongside the Preliminary Offering Circular in relation to the Notes, will be made available.
Citi is coordinating logistics.
Relevant stabilisation regulations including FCA/ICMA apply.
MiFID II/UK MiFIR Professional investors and ECPs only / No EEA or UK PRIIPs KID - Manufacturer target market (MiFID II/ UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the UK.