Koç raises $770 million in bank loans

January 13 2009 18:05:30

Koç raises $770 million in bank loans

Bloomberg

Koç is paying annual interest at 2.5 percentage points more than the London interbank offered rate on a one-year loan of $320 million, the company said in a filing with the Istanbul Stock Exchange today. It is paying 4.5 percentage points above Euribor on a three-year loan of 339 million euros ($450 million), the statement said..

The loans will be distributed to Koç units including Ford Otosan, a carmaker Koç operates with Ford Motor Co. The company said it will receive $20 million and 25 million euros from the loan amounts. Aygaz, a distributor of liquified propane gas, will get $80 million and 53 million euros. Türk Traktor said it will get 55 million euros.

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