White & Case and its Turkish affiliate GKC Partners have advised Pegasus Airlines on its USD 500 million Eurobond issuance with Citigroup Group Markets Limited and Morgan Stanley & Co International as the joint global coordinators and joint bookrunners and J.P. Morgan Securities, HSBC Bank, SMBC Nikko Capital Markets Limited, and BCP Securities as the joint bookrunners. Baker McKenzie and its Turkish affiliate Esin Attorney Partnership advised the joint global coordinators and joint bookrunners.
The notes, due 2031 with a yield of 8%, will be listed on Euronext Dublin.
Pegasus Airlines is a low-cost airline operating mainly out of its hub in Istanbul. According to White & Case, "the issuance also facilitated a simultaneous tender offer for the Pegasus Eurobonds due 2026, which was fully financed through the proceeds from the current note issuance."
The White & Case team in London included Partners Richard Pogrel and Laura Sizemore and Associates Hashim Eltumi, Greg Brown, and Ece Kuregibuyuk
The GKC team included Counsel Derin Altan and Associate Sehriban Unlu.
The Esin Attorney Partnership team included Istanbul-based Partner Muhsin Keskin, Senior Associate Zeki Nizam Cebe, and Legal Trainee Ahmet Semih Aktas.
The Baker McKenzie team included London-based Partners Megan Schellinger and Rob Mathews, Senior Associate Maxim Khrapov, and Associates Henry Gee and Akshay Prasad.
