Balcioglu Selcuk Akman Keki Avukatlik Ortakligi and Dentons have advised Barclays Bank PLC as the dealer manager on the tender offer by Yasar Holding A.S. to the holders of its outstanding USD 250 million 8.875 percent bonds. Baker Mckenzie and Esin Attorney Partnership advised Yasar Holding on the deal.
Founded in 1927, the Yasar Group is a producer of food and beverage products, paint and coatings, and tissue paper products in Turkey. The group consists of multiple operating entities across four business segments – food and beverage, coatings, tissue, and other operations, including foreign trade, energy, and tourism.
According to BASEAK, the offer was to be conducted following a Modified Dutch Auction Procedure and the purchase price was USD 789 for each USD 1,000 in principal amount of notes validly tendered and accepted by Yasar for purchase pursuant to the offer. The acceptance amount in connection with the offer was USD 44,408,000. Following the settlement on July 17, 2019, USD 172,217,000 of Notes remain outstanding.
The BASEAK team was led by Partner Mufit Arapoglu and included Associates Cenk Yilgor and Sena Mutlu. Dentons Partner Nick Hayday led the matter from London with the help of Associate Moeen Qayum and Trainee Gemma Dreelan.
The Esin Attorney Partnership was led by Partner Muhsin Keskin, supported by Associates Berk Cin and Erdi Yildirim. Partner Megan Schellinger led Baker McKenzie's London team, supported by Senior Counsel Christopher Hogan and Senior Associate Benjamin Bierwirth.