ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. (TGBD), a major Turkish bank, has successfully concluded a tender offer for its Tier 2 bonds, which began on November 21, 2024. The bank announced on Friday that it has accepted for purchase $134,248,000 in aggregate principal amount of the specified bonds, with the remaining outstanding principal amount now being $615,752,000.
The tender offer applied to bonds with ISIN codes XS1617531063 and US900148AE73, carrying a nominal value of $750 million and due in 2027. Garanti BBVA (BME:BBVA) specified that the purchase price for the bonds was 101.4 percent of the principal amount.
The tender offer commenced on November 21, 2024, and expired on November 27, 2024, at 17:00 New York time. The settlement date for the transaction is scheduled for December 3, 2024. Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria, S.A. and Standard Chartered (OTC:SCBFF) Bank were the authorized banks for the redemption offer.
As a result of the tender offer, the repurchased notes will be canceled. This action is part of the bank's liability management strategies and reflects its ongoing efforts to manage its debt profile effectively.
The bank has declared that the information presented in the announcement is in accordance with the principles of the Board’s Communiqué, Serial II Nr.15.1, and accurately reflects the received information, complying with the bank's records, books, and documents.
Investors and stakeholders have been informed that if any discrepancies arise between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.
Garanti BBVA has affirmed its responsibility for the accuracy of the declarations made in this regard. The bank's investor relations department is available for further inquiries.
This announcement is based on a press release statement from Garanti BBVA and does not constitute an endorsement of the bank's financial strategies or performance.
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