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by Chris Reich
Jan 15, 2026 10:02 AM ET
Sisecam UK PLC (SISETI) exp B2/B by Moody's/Fitch, US$500m 144A/Reg S 7nc3 FXD sr unsec notes due 1/23/33. BNP/Citi (B&D)/ENBD/JPM joint books. Optional Redemption: From 23 January 2029 – par +50% of coupon, From 23 January 2030 – par +25% of coupon, From 23 January 2031 onwards – par. MWC: T+50 during non-call period. CoC: 100% if Türkiye İş Bankası A.Ş. and the Permitted Holders cease to control the Guarantor. Guaranteed by Turkiye Sise Ve Cam Fabrikalari A.S. (Sisecam, the Guarantor). Covenants: Standard HY Covenant Terms including Limitation on Debt (Consolidated Net Leverage < 3.5x), Restricted Payments, Negative Pledge, Asset Sale, etc. Denoms: USD 200k x 1k. Law: English Law. Listing: Euronext Dublin (Global Exchange Market). UOP: The proceeds of the Offering will be used to redeem $372mn of the $700mn 6.95% Notes due 2026, repay $91mn in short term loans, repay a $24mn TRY-denominated bond maturing on 24 March 2026, and cover issuance expenses. Pricing 1/15. Settle 1/23. 144A ISIN: US829688AC49.
IPTs: 8.75% area.
GUIDANCE: 8.50% area. Book > $1.4bn (excl JLM int).
LAUNCHED: $500m 7nc3 at 8.375%. Book > 1.7bn excl JLM int.