Baker & McKenzie SCP (Paris) and Esin Attorney Partnership (Istanbul), a member firm Baker & McKenzie International, have advised Commerzbank and a syndicate of international banks on their extension of a multi-tranche term loan facility to the Industrial Development Bank of Turkey (TSKB). YaziciLegal was the borrower’s counsel.
The USD 280 million loan is the largest ever raised in the TSKB's history. The facilities replace TSKB’s USD 17.5 million and EUR 213 million multi tranche term loan facilities dated July 2, 2015 and maturing on July 11, 2016. TSKB raised approximately USD 280 million equivalent in commitments, split into a USD 12.5 million and a EUR 237.5 million tranche, which represents a rollover ratio of above 100% over the size of last year's facility. The facilities were joined by a group of 16 banks from 10 different countries, including both TSKB’s core relationship banks and new participants.
Baker & McKenzie’s EMEA Head of Banking & Finance, Michael Foundethakis (in Paris), and its Head of Banking & Finance in Turkey, Muhsin Keskin (Istanbul), led the team advising the lenders, with support from Paris-based Associate Nicholas Macheras and Istanbul-based Associate Berkay Ozludil.
"This is the fifth consecutive and the largest TSKB syndication which the firm has advised on over the last five years, involving a syndicate of banks led by Commerzbank and Bayern LB, and our team's success has once again, further cemented our relationship with Commerzbank in Turkey and globally," commented Muhsin Keskin.
YaziciLegal did not reply to our inquiry on the matter.
Image Source: commerzbank.com
