Koc Holding AS, the parent of Turkey’s biggest group of companies, and its five units made early repayments on dollar and euro loan debts and received 100 basis-point discounts on remaining hard currency debts based on market conditions and future plans.
Koc Holding repaid $8 million and 100.5 million euros of loans before their maturation dates after talks with a group of domestic and foreign banks, it said in a filing with the Istanbul Stock Exchange today. Interest rates on a remaining $112 million of debt were reduced to 225 basis points from 325 basis points over the benchmark and to 175 basis points from 275 basis points over the benchmark on a 111 million euro debt, Koc said. The loans were received a year ago, it said.
Ford Otomotiv Sanayi AS, Ford Motor Co.’s venture with Koc, repaid $4 million of a 39-month loan obtained by the group in January 2010 and had costs lowered on the remaining $16 million, as well as on a 27-month 25 million euro debt, it said in a statement to the bourse.
Koc’s liquefied propane gas distributor Aygaz AS said it closed all of its debt from a 27-month, 53 million-euro loan it got under the same January 2010 agreement. Tractor maker Turk Traktor & Ziraat Makineleri AS repaid all of its 40 million euro debt, and bus and military vehicle manufacturer Otokar Otomotiv & Savunma Sanayi AS also closed its 7.5 million euro financing, they said in statements to the bourse.
The group’s canned and frozen food producer Tat Konserve Sanayii AS got a 100 basis-point cut on interest on its $30 million of outstanding debt, it reported to the bourse.
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