Following last year's loan facility extended to the Izmir Metropolitan Municipality by ING for the construction of two urban tram lines, the Esin Attorney Partnership — the Turkish member firm of Baker & McKenzie - and Baker & McKenzie's Frankfurt office have now advised ING on another loan facility to the Izmir Metropolitan Municipality, this time for the procurement of light rail cars.
This most recent transaction involved a EUR 23.5 million MIGA covered term loan facility extended to Izmir Metropolitan Municipality for the procurement of 85 railcars to be used in its light rail system. The deal was signed on June 18, 2015.
"We have been advising ING for three years on its ongoing relationship with the Izmir Metropolitan Municipality involving financing of the municipality in regards to its acquisition of ferries and railcars and the development of urban tram lines,“ commented Muhsin Keskin. "It is thrilling to contribute to the modernization of the transport lines of one of Turkey's most beautiful cities,"
Frankfurt-based Banking & Finance Partner Oliver Socher, Istanbul-based Banking & Finance Partner Muhsin Keskin led the firm’s team on the deal, supported by Frankfurt-based Senior Counsel Anouschka Zagorski and Istanbul-based Associate Berk Cin.
Previously, the Firm advised ING in relation to a EUR 55,000,000 MIGA covered term loan facility to the Izmir Metropolitan Municipality for its payment obligations in the construction of two urban tramway lines in Karsiyaka and Konak, two of Izmir's largest districts (reported on by CEE Legal Matters on May 16, 2014). The firm also recently advised ING Bank on a USD 244,496,076 and EUR 311,996,072 multi tranche dual-currency term loan agreement between ING Bank A.S. and a syndicate of 26 major banks from 11 countries (also reported on by CEE Legal Matters on June 16, 2015).