TURKEY: Efes Breweries International secures US$300m loan
Turkey-based brewer Efes Breweries International has secured a US$300m loan from major investors.
Efes Breweries International (EBI), a subsidiary of Anadolu Efes, said this week that the loan is a 50% increase on its original expectation of securing a loan of US$200m.
The facility will be used to refinance an existing $300m loan due for repayment in September this year.
"The facility was extremely well supported by the group's existing relationship with lenders, being over-subscribed by more than 2.5 times, and continues to evidence that the right emerging market names continue to have strong bank support in the syndicated loan market," said EBI, which owns its namesake brand.
Anadolu Efes, which owns 70% of EBI, is the guarantor for the loan.
Earlier this year, industry sources told just-drinks that a Turkish brewer, believed to be Efes, had expressed interest in acquiring Anheuser-Busch InBev assets in Eastern Europe.
In April, Efes recorded a net loss of $57.4m in 2008, against a net profit a year earlier of $37.5m. The brewer said that it planned to cut capital expenditure in 2009 to around half of 2008 levels.
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