Sisecam Bond Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam), the leading Turkish glass manufacturer and a longtime IFC client, launched a US$500 million Eurobond to be used for refinancing maturing debt obligations and to help fund Sisecams capital expenditures program in 2013  2014. Sisecam invited IFC to participate in the issue for up to US$40 million to strengthen its credibility and ensure a successful placement among international investors.         Update related to additional investment under the COVID-19 response facility:          IFC will provide an A loan up to US$75 million or its equivalent in Euro (the IFC Loan) to Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam or Sisecam Group) as an allocation under the IFCs COVID-19 response facility. The IFC Loan will be used for Sisecam Groups flat glass, glass packaging and glassware operations in developing countries, and will help Sisecam Group implement its capital expenditure program which was partially delayed due to COVID-19 and finance its working capital needs. <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify"> The main development benefits of the proposed investment derive from supporting Sisecam''s US$1.5 billion capital expenditures program in 2013 - 2014. Sisecam is one of the main industrial groups in Turkey and in the region. It has a proven track record as a successful long-term investor, generating employment and fiscal revenues, and transferring industrial know-how to many countries in which it established its presence. This investment program will generate significant development impact for the countries in which Sisecam will invest and is critically important as it comes at a time when FDI in the region has slowed down, many investors remain on the sidelines and there is an increased need to generate stable employment opportunities, particularly in the manufacturing industry.    Sisecam has issued a Eurobond which has been internationally rated (BB+ by S&P and Ba1 by Moody''s, the bond has the same rating as Sisecam Corporate rating). The transaction has a strong demonstration impact for other Turkish companies which are considering accessing the international bond markets, an important step in reducing the country''s dependence on short-term flows and mobilizing the large amounts of long-term capital needed to sustain its development. At the company level, the Eurobond issue will help Sisecam achieve larger economies of scale and broader geographical diversification, enhancing Sisecam''s competitive market position in the global glass industry.   <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify">  <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify"> Update related to additional investment under the COVID-19 response facility:       <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
text-align:justify">   The Project will (i) contribute to the post-COVID-19
recovery especially through increased economic activity, and also (ii) promote
resilience by contributing to supply chain continuity  across various key
industries (e.g., automotive, construction, food & beverages) in which
Sisecam Groups products are utilized.<span style="font-size:10.5pt;font-family:
"Segoe UI",sans-serif">