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Low-cost carrier Pegasus Airlines is moving to raise up to $250 million through debt instruments to be sold abroad, according to a disclosure from the company on Tuesday, March 18.
The company said its board approved the plan, allowing for the issuance of debt securities in one or more tranches under Türkiye’s capital markets regulations.
Pegasus submitted its application to the Capital Markets Board (CMB) to obtain approval for the issuance document, a required step before any sale can proceed, the statement said.
It added that the issuance will only move forward once regulatory approval is secured, with the final timing, structure, and conditions of the borrowing to be determined based on market conditions at the time.
The planned borrowing follows Pegasus’ expansion of its international footprint in late 2025 through a binding €154 million ($179.6 million) agreement to acquire Czech-based Smartwings Group. In an earlier move, the company raised $750 million through debt instruments issued to foreign investors in 2024, before placing an order for 200 aircraft from Boeing.
Founded in 1989 and operating under Esas Holding since 2005, Pegasus currently operates a fleet of 127 aircraft. In 2025, the airline carried a total of 43.3 million passengers and generated revenue of ₺154.1 billion ($3.9 billion).
The company has been expanding its operations through a combination of acquisitions and aircraft orders, aiming to strengthen its position in regional and international markets.ü
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