Pegasus Airlines Plans US$149.9 Million Tap of Existing 2031 Notes

Pegasus Airlines plans to issue an additional US$149.9 million of senior notes through an international offering, increasing the size of its existing US$500 million 8.00% notes due 2031.

The new notes will be consolidated into the existing series issued in September 2024 and will carry the same coupon, maturity date and terms. The issuance forms part of the airline’s previously approved US$250 million overseas debt issuance program authorized by Türkiye’s Capital Markets Board, with settlement expected on July 16 following approval of the tranche documentation.

Pegasus has appointed BCP Securities and SMBC Bank International plc as joint managers for the Regulation S offering to qualified investors outside Türkiye. The existing notes are listed on Euronext Dublin under ISIN XS2897383043.