Baker McKenzie and its Turkish affiliated firm Esin Attorney Partnership have advised Eregli Demir ve Celik T.A.S. (Erdemir) on its issuance of USD 950 million 8.375% senior notes due 2029. White & Case and its Turkish affiliated firm GKC Partners advised the managers.
The managers for the issuance were Merrill Lynch International, BNP Paribas, Citigroup Global Markets Limited, Banco Bilbao Vizcaya Agrentaria S.A., and Societe Generale.
According to Baker McKenzie, "Erdemir successfully executed its first Eurobond issuance, garnering demand from over 130 international institutional funds and saw demand that exceeded USD 2 billion for an issuance size of USD 750 million. The issuance, structured under Regulation S and Rule 144A, was priced at 8.375%. Erdemir later tapped its USD 750 million issuance for a further USD 200 million, bringing the total size of the transaction to USD 950 million. The transaction was the largest single-tranche issuance by a Turkish corporate issuer."
"We are pleased to have been able to support Erdemir on their debut Eurobond issuance, which demonstrates the continuing strong demand for Turkish bonds," commented Baker McKenzie Partner Megan Schellinger.
The Baker McKenzie team was led by London-based Schellinger and Partner Rob Mathews and included Senior Associate Maxim Khrapov and Associate Henry Gee.
The Esin Attorney Partnership team was led by Istanbul-based Partner Muhsin Keskin and included Senior Associate Zeki Cebe, Associate Ece Gunel, and Trainee Semih Aktas.
The White & Case team included London-based Partners Melissa Butler, Stuart Matty, and James Greene, Associates Hashim Eltumi and Jack Adachi, and Trainee Amber Richardson.
The GKC Partners team included Counsel Derin Altan, Associates Kaan Alkan and Sehriban Unlu, and Legal Intern Muhammed Asula.
