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A&O Advises on Massive Ojer Telekomunikasyon Financial Restructuring

A&O Advises on Massive Ojer Telekomunikasyon Financial Restructuring

Turkey
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Allen & Overy and Gedik & Eraksoy have advised a Coordinating Committee on the financial restructuring of Ojer Telekomunikasyon A.S. through a lender-led transaction. Clifford Chance advised OTAS on the deal. 

The Coordinating Committee consisted of Akbank T.A.S., Turkiye Garanti Bankasi A.S., Turkiye Is Bankasi A.S. and Deutsche Bank AG, London Brach. A&O also advised security agent Citibank and facility agent Global Loan Agency Services Limited in connection with the restructuring, which was completed on December 21, 2018.

As a result of the financial restructuring of the existing credit facilities and hedging arrangements of OTAS, creditors took control of OTAS’ 55% stake in Turk Telekomunikasyon A.S.

The transaction value is USD 5.1 billion, making it, according to A&O, the largest restructuring in Turkish history. 

The A&O team was led by Istanbul-Partner Hakki Gedik and Johannesburg-based Partners Kathleen Wong and Michael Duncan. 

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