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Dentons and Allen & Overy Advise on First Turkish Eurobond Issuance in 2017

Dentons and Allen & Overy Advise on First Turkish Eurobond Issuance in 2017

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Balcioglu Selcuk Akman Keki Avukatlik Ortakligi acted as Turkish counsel and Dentons acted as English and United States counsel to Coca-Cola Icecek Anonim Sirketi, the Coca-Cola bottler for Turkey, Central Asia, Pakistan, and the Middle East, on its Rule 144A/Regulation S issuance of USD 500 million 4.215% Notes due 2024. Gedik & Eraksoy and Allen & Overy advised joint lead managers Citibank International, HSBC Bank, J.P. Morgan Securities, MUFG Securities EMEA, and BNP Paribas.

Coca-Cola Icecek is the first Turkish corporate issuer on the Eurobond market in 2017. The company, which operates 25 bottling plans (10 in Turkey) and claims access to a consumer base of over 380 million people in 10 countries, is the fifth largest independent bottler of The Coca-Cola Company. It has been listed on the Borsa Istanbul A.S. since 2006, and as of June 30, 2017 had a market capitalization of USD 2.9 billion. According to BASEAK, "the company intends to use the net proceeds from the offering to refinance existing indebtedness, to fund its capital expenditure program, and for general corporate purposes."

The BASEAK team was led by Capital Markets Head and Partner Mufit Arapoglu, working together with Senior Associate Duygu Eldem Cetinkaya and Cenk Yilgor. Dentons Debt Capital Markets Partner David Cohen and US Securities Partner Cameron Half led the matter from London, working with Associates Nicholas Yao and Moeen Qayum.

The Gedik & Eraksoy team consisted of Partner Hakki Gedik and Trainees Burak Ozsoy, Deniz Unver, and Merve Ozburma. The Allen & Overy team consisted of Partners Dave Sachin and Jamie Durham, Associate Alana McCurley, Neha Singhal, Kateryna Kuntsevich, Cieran Leigh, and Umut Gurgey, and Trainee Hannah Pack. 

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