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Sisecam, one of Türkiye’s largest glass and chemical manufacturers, has completed a $500 million eurobond issuance through its fully owned U.K.-based subsidiary, Sisecam U.K. PLC.
The bond carries a seven-year maturity and a fixed annual coupon rate of 8.375%, according to a company statement.
The issuance follows two major eurobond offerings completed last year, a $675 million five-year bond and an $825 million eight-year bond, which together totaled $1.5 billion and attracted close to $5 billion in demand, making it the largest corporate bond sale in Türkiye.
The transaction was arranged with the participation of Citigroup Global Markets Limited, BNP Paribas, J.P. Morgan Securities plc, and Emirates NBD Bank PJSC.
Proceeds from the issuance will be used primarily to refinance Sisecam’s outstanding 2026 eurobond liabilities, totaling $372 million, along with selected short-term financial obligations. By replacing short-term debt with longer-term funding, the company aims to optimize its debt profile and enhance financial flexibility.
Credit ratings for the bond remain in line with Sisecam’s existing profile, with Fitch Ratings assigning a "B" long-term issuer rating and Moody’s Investors Service rating the issuance "B2."
Sisecam CEO Can Yucel commented that global investor interest in the latest issuance underscores the market’s trust in the company’s long-term vision.
"This issuance is a concrete reflection of global investors’ confidence not only in our current financial performance but also in our strategic journey and sustainable growth vision," Yucel said.
He added that the transaction would enhance the firm’s operational flexibility and support value-generating investment plans.
Founded in 1935, Sisecam is a global producer of glass, soda ash, and chromium compounds, with manufacturing operations across four continents and 14 countries. The company, in which the Turkish lender Is Bank holds a 52% majority stake, reported ₺162.27 billion ($3.74 billion) in revenue during the first nine months of 2025, with a net profit of ₺5.74 billion.
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