Yildiz pays off $600 mln in debt early to Turkish banks
27/08/2020 17:19
ISTANBUL, Aug 27 (Reuters) - Turkish conglomerate Yildiz
Holding said on Thursday it had tapped foreign-earned reserves
to make an early payment of $600 million in cash to Turkish
banks, citing strong business in the first half of the year
despite the coronavirus pandemic.
The food giant said the payment to creditors capped $2.56
billion in obligations since 2018 that have been fully paid off
earlier than scheduled.
Turkey has been on the hunt for foreign currency sources for
months, reflecting drops in the central bank's reserves and
costly state interventions in FX markets to support the lira
currency, which touched another record low this week.
(Reporting by Jonathan Spicer; Editing by Jan Harvey)
((jonathan.spicer@reuters.com; Reuters Messaging:
jonathan.spicer.thomsonreuters.com@reuters.net
@jonathanspicer))