PineBridge’s Turkish investment issues bonds
Ulusal Faktoring AS, a Turkish non-bank financial services company, has closed its first domestic bond offering with Turkish corporates, high-net-worth individuals and a number of institutional investors subscribing to the TL 60m ($34m) private placement.
PineBridge Eurasia Financial Investments initially backed the business in March 2011 before becoming its largest minority shareholder in December of that year with a 47% stake.
The bond offering comes ten years after Turkey's first private equity-backed IPO, which was also led by PineBridge.
"We want to continue to grow Ulusal into one of the top five independent factoring companies in Turkey," said Serkan Elden, president of PineBridge Eurasia Financial Investments and a member of the Ulusal Faktoring Board. "We are looking to increase Ulusal's market share and balance sheet while sustaining profitability, to transform the company into a sizeable financing platform for SMEs in Turkey. As we work towards this objective we would expect to tap the capital markets further, diversify financing alternatives of the business, increasing both the size and tenor of financing for the business".
Founded in 1999 in Turkey, Ulusal is an independent non-bank financial institution. It provides funding for Turkish SMEs and is regulated by the Turkish banking authority. In September 2001 the company was acquired by chairman Kurt K. Jolker and CEO Izak Koenka from the Savings Deposit Insurance Fund.
Ulusal generated a turnover in excess of TL 430m from more than 1,100 customers around Turkey for the year ending 30 June 2012. In August 2012, the company was assigned an investment grade credit rating of A (Trk)-long term and A-1 (Trk)-short term by JCR.
Ulusal opened branches in Dudullu and Ikitelli this year, and has representative offices in Gebze and Ankara.
Okan Altasli is a director in the PineBridge Gateway team in Turkey. Kurt K. Jolker is chairman of Ulusal. Serkan Elden is president of PineBridge Eurasia Financial Investments and a member of the Ulusal Faktoring Board. Talal Al Zain is CEO of PineBridge Investments Middle East.
Company - Ak Investment (Financial due diligence); Esin Attorney Partnership (part of Baker & McKenzie International) (Legal).
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