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Baker & McKenzie Advises Finansbank on Financing for Peska/OTK Group

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Esin Attorney Partnership, the Turkish member firm of Baker & McKenzie International, has advised Finansbank on two loan facilities for a tourist development project in Turkey. The loan facility agreements are designed to support an elite tourist project development on Turkey's Aegean coast.

Esin and Baker & McKenzie advised Finansbank in relation to a USD 11,500,000 term loan facility for OTK Insaat Danismanlik's (OTK Construction) acquisition of Peska Turizm Yatirimlari and a USD 10,000,000 term loan facility for financing Peska Tourism's project development on the southwest Aegean coast of Turkey. The deal was signed and closed on June 14, 2014.

Finansbank, one of Turkey’s largest private banks, was established in 1987, and has 674 branches and more than 14,000 employees. OTK Construction and Peska Tourism are tourism companies operating tourist facilities in Turkey. 

Esin Banking & Finance Partner Muhsin Keskin and Real Estate Partner Birturk Aydin advised Finansbank, along with Baker & McKenzie Global Head of M&A Simon Hughes and Banking and Finance Partner Mazen Boustany. They were supported by Istanbul-based Associates Erdem Sismangil, Berk Cin, and Sadi Oz, London-based Associate Matthew Vaghela, and Dubai-based Associate Muhammad Syamsulfaiz.

"This transaction was complex for a number of reasons, especially because we were negotiating a project financing facility and security package of a borrower our client had not yet acquired while we were struggling with the financial assistance restrictions brought up two years ago. Also, the transaction required the combination of the capabilities of four different practice groups including Banking & Finance, M&A, Real Estate and Corporate across three offices" said Muhsin Keskin.

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