SOCAR Türkiye completes $1.6 billion refinancing deal

SOCAR Türkiye, a subsidiary of the State Oil Company of the Azerbaijan Republic, has successfully completed a $1.6 billion long-term refinancing operation. The transaction was led by First Abu Dhabi Bank (FAB) and Mizuho Bank, with participation from a syndicate of 22 banks across Europe, the Far East, and the Middle East.

The five-year term financing, guaranteed by SOCAR, carries an annual interest rate of SOFR +230 basis points. According to the company, the deal was secured at a lower interest cost compared to previous loans and similar market transactions. The refinancing was highly oversubscribed, receiving demand 1.8 times the targeted amount.

SOCAR President and SOCAR Türkiye Chairman Rovshan Najaf stated that the successful transaction, despite global economic uncertainties, demonstrates strong international confidence in SOCAR Türkiye’s financial structure and supports the liquidity of the SOCAR Group for its ongoing projects.