Linklaters and Paksoy have advised Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) on its issue of the world’s first sustainable tier two bond. The USD 300 million Fixed Rate Resettable Tier 2 Sustainable Notes will be due in 2027, with a first call date in 2022 and a coupon of 7.625%. The proceeds will be used to finance and/or refinance projects satisfying defined criteria relating to climate change mitigation and sustainable infrastructure, among others.
Riga, Latvia from Thursday 1 to Friday 2 June 2017
The Esin Attorney Partnership and Baker McKenzie's Paris office have advised Akbank T.A.S. in relation to its USD 404,512,884 and EUR 738,271,106 Dual Currency Term Loan Facilities. Balcioglu Selcuk Akman Keki Attorney Partnership and Dentons advised Joint Coordinators and Bookrunners Bank of America Merrill Lynch International Limited, Emirates NBD Capital Limited, and ICBC Turkey Yatirim Menkul Degerler A.S. on the transaction. Bank of America Merrill Lynch also acted as Documentation Agent, while Emirates NBD Capital Limited acted as Publicity Agent and Mizuho Bank acted as Facility Agent.
Baker McKenzie and its Turkish arm, the Esin Attorney Partnership, have advised Akbank T.A.S., one of Turkey's largest banks, on the offering of USD 500 million Basel III compliant Tier 2 Notes under Akbank's USD 3.5 billion Global Medium Term Note Program. This represents the first Tier 2 Notes issue in Turkey this year. The Notes have a fixed term of 10 years and an early call option at year 5.
CHSH and Balcioglu Selcuk Akman Keki Avukatlik Ortakligi have advised OMV in connection with the sale of all of 100% of its shares in Turkish mineral oil distribution company OMV Petrol Ofisi AS to Vitol Group. Kolcioglu Demirkan Kocakli worked with Hengeler Mueller in advising the Vitol Group, which was selected as purchaser by OMV after a competitive auction process, on the sale. The total purchase price of the transaction amounts to EUR 1.368 million, and closing is expected to occur in the third quarter of 2017, subject to conditions including the relevant regulatory approvals.
Paksoy has advised Migros on its acquisition of Tesco Kipa from Tesco Overseas Investments Limited. The share purchase agreement was signed on June 10, 2016, and the deal closed in Izmir on March 1, 2017, following clearance from the Turkish Competition Authority. Herguner Bilgen Ozeke advised the sellers on the deal.
Turkey’s first and only law specifically dedicated to data protection and privacy, the Law No. 6698 on Protection of Personal Data (“Law No. 6698”), came into force on April 7, 2016 with certain transition periods. The Data Protection Board has been formed, but is not yet functioning. The secondary legislation is still pending, although certain sector-specific regulations have been put in place, and is expected to be completed by April 7, 2017.
Many years in the making, the Istanbul Arbitration Centre (“ISTAC” or the “Centre”) was finally established in 2015 and began picking up steam in 2016. The first plans to form an arbitration Centre in Istanbul were laid out by the Turkish government in 2009 as part of the country’s action plan and broader strategy to make Istanbul a bigger financial hub.
Paksoy has advised Coventya — a Fund II portfolio company of European private equity firm Silverfleet Capital — on its acquisition of an 80.6% interest in Borsa Istanbul-listed Politeknik Metal Sanayi ve Ticaret A.S from private individuals Atila Yaman, Mesut Akkaya, Nilgun Yaman, Melisa Bahar Akkaya, and Filiz Akkaya. The Ismen Law Firm advised the sellers. Coventya has announced that it will also launch a mandatory tender offer for the remaining 19.4% of the company’s shares in compliance with the principles and procedure of the Capital Markets Board of Turkey.
Cakmak Avukatlik Ortakligi — the firm in Ankara formerly doing business as the Cakmak Avukatlik Burosu and, until last year, formally associated with White & Case — has announced a number of substantial changes, including its name change, the promotion of two lawyers to the firm's partnership, the return of a Partner after several years away, and the addition of a new US-qualified lawyer to the team.