Borusan gets syndicated loan
Posted by meb at August 7th, 2008
Borusan Holding, operating in steel, luxury cars and logistics, obtained a syndicated loan of $170 million at a consortium, which consists of eight banks; including ABN AMRO Bank, Denizbank, Fortis, Garanti, Finansbank-National Bank of Greece and Société Générale.
Borusan will invest the sum in the energy, logistic and steel sectors. The company plans to invest $100 million into a hot roller mill, in a joint venture with ArcelorMittal, the world’s largest steel maker. The rest of the credit will be invested in energy and the Borusan Logistic-owned Gemlik Port in the city of Bursa in the eastern Marmara Sea.
“We are focusing on strengthening and diversifying our business. Despite the changing dynamics of the Turkish economy, the country’s leading banks did not hesitate to support us,” Agah Uğur, chief executive officer of Borusan Holding, told the press in Istanbul on Tuesday.
Further investments:
“When we launched the hot roller mill investment with ArcelorMittal, we announced the investment size as $500 million. But the investment’s size is $850 million as of today and it may reach $1 billion due to changes in the markets,” Uğur said.
“We also aim to complete our business structure in Turkey and expand abroad. We also launched a $100 million investment in order to enlarge our port,” he said. Renewable energy sector is also important to Borusan Holding, Uğur said. “It complements our investment portfolio and we have decided to invest in this field as well.”
“The total size of these investments will reach $3 billion in the next five years. Borusan’s total asset size is $2.6 billion at present and these investments will double the size of Borusan,” said Uğur.
source: Turkish Daily News
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