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by Chris Reich
Jan 29, 2026 10:29 AM ET
ADM Elektrik Dağıtım A.Ş. exp B2/BB- by Moody's/Fitch, US$500m 144A/Reg S 5nc2 sr notes due 2/5/31. 101 CoC. Call Structure: Par + 50% coupon from February 2028, Par + 25% coupon from February 2029, Par from October 2030 onwards. Other Optional Redemption: Prior to February 2028: Make whole call (T+50bp), Equityclaw (35%). Coupon: Semi-annual, 30/360. Denoms: 200k x 1k. UOP: Prepayment of existing debt, Capital expenditures, Fees and expenses. Roadshow: https://dealroadshow.com/e/ADM2026. Pricing 1/29. Settle 2/5. 144A ISIN: US3260263101.
IPTs: high 9%.
GUIDANCE: 9.625% area.
LAUNCHED: $500m 5nc2 at 9.50%. Books good at guidance above $1.175bn (incl. 45m JLM).