White & Case has advised the lenders and the hedging banks, including SMBC, BTMU, Siemens Bank, and Intesa Sanpaolo, on the EUR 150 million financing of a 475-bed hospital public-private partnership (PPP) in Yozgat, Turkey.
The sponsors (including Meridiam (36.5%), Ronesans (36.5%), Sila Group (13.5%), and Sam Yapi (13.5%)), and the project company were advised by Willkie Farr & Gallagher (which describes the hospital as having 476 beds). The financing also benefited from a guarantee issued by MIGA (Multilateral Investment Guarantee Agency of the World Bank group).
This partnership follows the integrated healthcare campus PPP in Adana, Turkey, which signed during December 2014 and was the first social infrastructure PPP project in Turkey to reach financial close. Both White & Case and Willkie Farr & Gallagher advised on that deal as well (as reported by CEE Legal Matters on January 7, 2015).
The Yozgat project fully meets the EBRD's performance criteria and social and environmental guidelines of the World Bank. It is a part of the medical infrastructure modernization campaign in Turkey, which plans to create at least 24,000 hospital beds in the years ahead via PPPs.
The White & Case team advising on the transaction included Partners Victoria Westcott, Jacques Bouillon, and Cagdas Evrim Ergun, Counsel Francois-Guilhem Vaissier, and Associates Craig Steinberg, Elaine Porter, Olivier Le Bars, Charlene Ntsiba, Kenza Bounjou, Nigar Gokmen, and Naz Bandik.
The Willkie team was led by Partner Amir Jahanguiri and included Associates Emilie Patoux, Roy Charles Bates, and Cedric Gamambaye Dionmou.
