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White & Case, GKC Partners, Baker McKenzie, and Esin Attorney Partnership Advise on Pegasus Airlines' USD 500 Million Eurobond Issuance

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White & Case and its Turkish affiliate GKC Partners have advised Pegasus Airlines on its USD 500 million Eurobond issuance with Citigroup Group Markets Limited and Morgan Stanley & Co International as the joint global coordinators and joint bookrunners and J.P. Morgan Securities, HSBC Bank, SMBC Nikko Capital Markets Limited, and BCP Securities as the joint bookrunners. Baker McKenzie and its Turkish affiliate Esin Attorney Partnership advised the joint global coordinators and joint bookrunners.

The notes, due 2031 with a yield of 8%, will be listed on Euronext Dublin.

Pegasus Airlines is a low-cost airline operating mainly out of its hub in Istanbul. According to White & Case, "the issuance also facilitated a simultaneous tender offer for the Pegasus Eurobonds due 2026, which was fully financed through the proceeds from the current note issuance."

The White & Case team in London included Partners Richard Pogrel and Laura Sizemore and Associates Hashim Eltumi, Greg Brown, and Ece Kuregibuyuk

The GKC team included Counsel Derin Altan and Associate Sehriban Unlu.

The Esin Attorney Partnership team included Istanbul-based Partner Muhsin Keskin, Senior Associate Zeki Nizam Cebe, and Legal Trainee Ahmet Semih Aktas.

The Baker McKenzie team included London-based Partners Megan Schellinger and Rob Mathews, Senior Associate Maxim Khrapov, and Associates Henry Gee and Akshay Prasad.

Baker McKenzie at a Glance

Baker McKenzie brings insight and foresight to clients across more than 70 global offices. Our team of 13,000 people, including over 6,500 lawyers, works alongside our clients to drive growth that is both sustainable – and inclusive. The global business community is more interconnected than ever before. Opportunities and risks spill across different markets, sectors and areas of law, so a connected perspective is essential in delivering business objectives while mitigating risk. Our integrated client solutions provide seamless advice, underpinned by deep practice and sector expertise, as well as first-rate local market knowledge.

In the Central and Eastern European (CEE) region, Baker McKenzie's expansion remains steadfast, with a thriving team of over legal professionals. Our footprint extends across six offices in Austria, the Czech Republic, Hungary, Poland, Türkiye, and Ukraine. As part of our global network, coupled with well-established partnerships throughout the entire CEE landscape, we proudly stand as one of the foremost international law firms in this dynamic territory. Our reputation as a premier business law firm in CEE is a testament to our extensive experience in advising on a multitude of prestigious projects and nurturing enduring client relationships.

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