TAV Airports completed the book building process for the debt instruments to be sold outside of Türkiye. The nominal value of the notes is determined as USD 400 million with a coupon rate of 8.5% and a maturity of 5 years. The sale transaction is expected to complete on December 7 following the Turkish Capital Markets Board approval.

A member of Groupe ADP, TAV Airports has completed the book building process for its first ever bond issue, following meetings held with foreign fixed income investors in London. More than a hundred investors registered a total of USD 1.5B for notes with a nominal value of USD 400M and a coupon rate of 8.5%.

The sale transaction is expected to complete on December 7 following the Turkish Capital Markets Board approval, and the notes are planned to be exchanged on Euronext.

TAV Airports Deputy CEO&CFO Burcu Geriş said "Our planned bond issue for a total nominal value of USD 400M with a coupon rate of 8.5% received strong interest from international investors. This coupon rate is a solid show of trust to our company under current market conditions. The cash outflow of the notes from our company will be converted to euro through a cross-currency swap between US dollars and Euro. After the cross-currency swap is factored in, the 8.5% coupon rate of the instrument will decrease to an effective rate of 6.87% in Euro terms. We plan to employ these resources as part of our ongoing investment program to develop Almaty, Antalya and Ankara airports. As the investments are completed in Almaty in 2024 and Antalya in 2025, we will benefit further from operational leverage and return to historical debt to revenue ratios."

Previously, the debt instrument to be issued was rated as B+ by S&P and BB by Fitch.

About TAV Airports

TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 108 airports in 29 countries. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The company is quoted on Istanbul Stock Exchange.

For further information: Erhan Ustundag,
+90 212 463 30 00/2097 and +90 530 228 80 59
erhan.ustundag@tav.aero
www.tavairports.com
https://ir.tav.aero

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TAV Havalimanlari Holding AS published this content on 01 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 13:24:16 UTC.