FinanceTürkiye Official institution
Vestel Electronics launches exchange offer for $500 million Eurobond
In parallel with its ongoing financial restructuring talks with banks, Vestel Electronics has launched an exchange offer and consent solicitation for its $500 million, 9,75 percent interest, 2029-maturity overseas bonds. Bondholders are offered two options: a long-term option (maturing in 2035, 4,00 percent interest) and a shorter-term option with amortizing principal (maturing in 2032, 6,00 percent interest). Implementation is subject to an Extraordinary Resolution and approval from the Capital Markets Board.
Who is affected?
Investors holding Vestel's 2029-maturity Eurobond.
What changes?
Previously, the bond was due to be repaid in full on 15 May 2029; now holders are offered a long option maturing in 2035 or a shorter option maturing in 2032 with amortizing principal.