Turkish energy-to-electronics company Zorlu Group is in advanced talks with international banks on securing around $1 billion in financing, sources close to the deal told Reuters. They said Zorlu's talks with banks were for two financing packages in the areas of real estate and energy and that the amount would depend on market conditions.
One banking source who declined to be named said the borrowing was expected to take the form of a syndicated loan. "Actually it is a reality that global conditions at the moment do not offer such great opportunities for foreign financing. But a company which has a strong name will not have trouble borrowing," the banking source said.
"Talks on the borrowing, which is planned to be in dollars, have reached an advanced stage and will be concluded in the short term," the source added. Another source close to the matter said financing secured by Zorlu Energy Group would be used in part for the financing of two projects in Moscow and would be used for the long-term refinancing of an existing package.