Socar president Rovnag Abdullayev: SOCAR to issue Eurobonds worth $500 million in June

SOCAR intends to issue Eurobonds worth $500 million in June, SOCAR head Rovnag Abdullayev said.

Eurobonds will be placed on the European market. Abdullayev said that the main purpose of issuing bonds is to get higher ratings.

The company may easily raise funds from various international financial institutions. So, getting the funds from issuance of bonds is not a primary goal, he said. The main goal is to improve the ratings.

Previously, the first issue of bonds was scheduled for 2009. But then SOCAR postponed its plans to improve the situation in global capital markets, SOCAR vice-president said earlier.

SOCAR's consultant on placing bonds is U.S. Citibank.


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