February 10, 2020 / 8:27 AM / 9 days ago

Turkey's Yildiz Holding in talks for lower rates on 2018 syndication

ISTANBUL, Feb 10 (Reuters) - Turkey’s Yildiz Holding told Reuters on Monday it is in talks with banks to lower the interest rate on a syndication deal it made in April 2018.

In a statement, Yildiz also said it was seeing interest in its new asset sales and that talks on the issue were ongoing.

Average interest rates on commercial loans stood at around 18-20% in early 2018, according to central bank data. They exceeded 30% in the wake of a currency crisis later that year but have since come down to around 10-11%. (Reporting by Ebru Tuncay; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer)

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