Turkcell Iletisim Hizmetleri A.S. announced on March 23 2026 that it has secured a $1 billion syndicated international Murabaha financing from a consortium of 14 banks, the largest Islamic financing facility ever arranged for a Turkish corporate. The deal was oversubscribed roughly 2.4‑times, underscoring strong investor confidence in the company’s balance sheet and growth strategy.
The seven‑year facility includes a two‑year grace period on principal repayments and carries an all‑in cost of 3 M SOFR plus 2.14 %. The proceeds will be used for working capital and to fund Turkcell’s planned investment in 5G infrastructure and future connectivity services, providing the capital needed to deploy the spectrum the company acquired in the October 2025 auction for more than $1.2 billion.
The financing directly supports the launch of Turkey’s 5G network on April 1 2026, allowing Turkcell to accelerate the rollout of the 700 MHz and 3.5 GHz bands it won in the auction. The capital injection will help the company build the necessary base stations, fiber backhaul and core network upgrades required for nationwide coverage.
Chief Financial Officer Kamil Kalyon said, "Given today's macroeconomic and geopolitical environment, the fact that this syndicated Murabaha financing more than doubled our initial target clearly shows that international investors strongly support Turkcell's financial strength, solid balance sheet, and investment strategy." He added that the facility will accelerate 5G and digital infrastructure investments, diversify funding, and support long‑term growth ambitions.
Turkcell’s 2025 financial results reinforce the company’s strong position: revenue reached TRY 241.5 billion, EBITDA rose to TRY 104 billion, and the EBITDA margin expanded to 43.1 %. The firm also proposed a gross cash dividend of TRY 8.8 billion, demonstrating ample liquidity to service the new debt.
By adding this Murabaha facility, Turkcell diversifies its funding sources beyond eurobonds and sukuk, strengthening its credit profile and market access, particularly in the GCC where financing conditions remain tight. The deal signals that the company can secure favorable terms even amid macro and geopolitical uncertainties.
The transaction highlights investor confidence in Turkcell’s strategic focus on 5G and digital services, positioning the company to capture growth in high‑margin connectivity services while maintaining a robust balance sheet.
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