Turkey’s Pegasus Airlines set to issue $21mn worth of bonds

Pegasus Airlines (PC, Istanbul Sabiha Gökcen) has announced it will issue TRY150 million lira (USD21 million) worth of 365-day bonds. In a stock market filing, the carrier said the book building process would occur on February 8 and 9, while the issuance is expected to be completed on February 11. The bonds are being offered to qualified domestic Turkish investors with a maturity of 365 days and variable interest quarterly coupon payment. The amount on offer may be increased based on demand. On December 31, the Capital Markets Board of Turkey (CMB) gave Pegasus Airlines the greenlight to issue debt securities worth up to TRY2.5 billion (USD354.7 million). Pegasus Airlines is 62.91% owned by the Sabanci family’s Esas Holding A.S while 34.53% is floated on the Borsa Istanbul. Four individuals hold the remaining 2.56%.