SOCAR (the State Oil Company of the Azerbaijan Republic) has determined its Eurobond emission volume. The company plans to issue Eurobonds worth $1 billion in late March 2015, according to a statement posted on the Moody’s Investors Service website.
The agency has been assigned a preliminary rating of Ba1, with a 'stable' outlook.
"SOCAR will spend the proceeds from the Eurobond placement for the general corporate purposes, which include the refinancing of the existing debt, transaction financing, mining and processing operations," Trend cited the statement.
