Baker McKenzie and the Esin Attorney Partnership, a member firm of Baker McKenzie International, have advised Turkish telecoms operator Turk Telekomunikasyon A.S. on its Rule 144A offering of USD 500 million 6.875 percent Notes due 2025. Allen & Overy advised joint bookrunners Bank of America Merrill Lynch, Citigroup, ING, MUFG and Societe Generale Corporate & Investment Banking.
Baker McKenzie reports that the offering is "the first Turkish corporate Eurobond in almost 12 months and the first since the Turkish lira currency devaluation impacted Turkey in 2018."
According to Esin Attorney Partnership Partner Muhsin Keskin, who led the firm's team on the deal, “this deal reopens the Eurobond market for Turkish corporates and shows that they can access the market -- while at the same time it clearly re-sets the whole Turkish corporate bond market in several ways. We are optimistic that other leading corporates will follow the example of Turk Telekom and once again approach international investors with confidence and optimism."
London-based Baker McKenzie Partner Rob Mathews commented: "The inclusion of a subset of customized covenants is a growing trend as traditional Eurobond corporates try to reach a wider investor base or address specific investor concerns."
In addition to Keskin, the Esin Attorney Partnership team included Associates Berk Cin, Erdi Yildirim, Ilyas Gezer, Baha Erol, Sena Uralcin, Yarkin Sanli, Gokce Onder, Can Sozer, Aybuke Gundel, Sinan Diniz, Ceren Seymenoglu, Dilsad Saglam, Fatih Yekeler, and Yigit Acar. The Baker McKenzie team in London was led by Partners Megan Schellinger, Michael Doran, and Rob Mathews, supported by Senior Associate James Tanner.
The Allen & Overy team in Turkey consisted of Partner Hakki Gedik, Counsel Umut Gurgey, and Associate Burak Ozsoy, and the team in London included Partners Jonathan Melton and Sachin Dave and Associates Alexander Wicks, Vikas Katyal, and Baxter Schooley.