517,000,000 nominally valued corporate bond, which was sold to qualified investors on November 22, 2023 with a maturity of 379 days and with the ISIN Code of TRSVSTLA2415, was redeemed as of today (December 5, 2024) with completion of the fourth coupon payment amounting to TL 84,533,119 and the principal payment of TL 517,000,000.
In the meeting of our Company's Board of Directors dated 04.12.2024, in accordance with the investment policies and strategies of the Zorlu Group, which our Company is also a part of, it was decided that all of the shares representing the capital of Levent Baza Gayrimenkul Yatırım AŞ, a Zorlu Group company, which is fully owned by Zorlu Gayrimenkul Geliştirme ve Yatırım AŞ and which owns the fixed asset that Vestel Ticaret AŞ, a wholly-owned subsidiary of our Company, currently uses to manage our marketing operations would be purchased by our subsidiary Vestel Ticaret AŞ for a total consideration of 502,464,000 TL, of which 192,100,000 TL would be paid in cash by Vestel Ticaret AŞ and 310,364,000 TL would be paid by Zorlu Holding as a deduction from Vestel Ticaret AŞ's other receivables from Zorlu Holding, within the framework of the valuation report dated 04.12.2024 prepared by Ernst Young Kurumsal Finansman Danışmanlık AŞ, licensed by the Capital Markets Board, in order to strengthen Vestel's global brand image and marketing strategies, manage marketing operations, and also reduce operational costs and increase revenues. The share transfer was completed on 04.12.2024 (today). Since it has been decided that the intra-group purchase transaction will be subsequently evaluated by the Company's Board of Directors within the framework of the valuation report to be prepared, the public announcement was postponed by the Board of Directors' decision dated 25.04.2023 until the purchase transaction is finalized in accordance with the Article 6 of the Capital Markets Board's Communiqué on Material Events Disclosure.
JCR Eurasia Rating has evaluated Vestel Elektronik Sanayi ve Ticaret AŞ in the high investment-level category and assigned the Long-Term National Issuer Credit Rating at "A (tr)" with ‘Negative' outlook. The Long Term International Foreign and Local Currency Issuer Credit Ratings and outlooks have been assigned as "BB/Stable".
Vestel Elektronik Sanayi ve Ticaret AŞ completed the sale of a TL 675,000,000 commercial paper with fixed coupon payment with a maturity of 182 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today. The debt instrument offers an annual simple interest rate of 50%. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Pursuant to our material event disclosure dated 09.07.2024, the Capital Markets Board's ("CMB") approval for the planned debt issue was announced in the CMB's bulletin dated 21.11.2024 and numbered 2024/53. The approved issuance certificate, its annex and signed application form are presented in the attachment.
Following its assessment, the international rating agency Fitch Ratings has revised our Company's Local Currency credit rating from "BB-" to "B+." While the Long-Term Foreign Currency credit rating has been maintained at "B+," the outlooks for the ratings have been changed to "Negative."
TL 400,000,000 nominally valued Commercial Paper, which was sold to qualified investors on June 6, 2024 with a maturity of 167 days and with the ISIN Code of TRFVSTLK2418, was redeemed as of today (November 20, 2024) with completion of th coupon payment amounting to TL 100,567,600 and the principal payment of TL 400,000,000.
TL 360,000,000 nominally valued Commercial Paper, which was sold to qualified investors on July 4, 2024 with a maturity of 139 days and with the ISIN Code of TRFVSTLK2426, was redeemed as of today (November 20, 2024) with completion of th coupon payment amounting to TL 71,290,080 and the principal payment of TL 360,000,000.
The third coupon payment amounting to TL 51,417,790 on the TL 370,000,000 nominally valued corporate bond which was sold to qualified investors on February 8, 2024 with a maturity of 384 days and trades with the ISIN Code of TRSVSTL22511, was made as of today. The interest rate for the fourth coupon payment has been set as 16.7667%.
Pursuant to our material event disclosure dated 22.10.2024, an application has been made to the Capital Markets Board today for the approval of the Announcement Text regarding the demerger. The Announcement Text on Demerger (Part 4) is presented in the attachment.