Baker McKenzie and Esin Attorney Partnership, a member firm of Baker & McKenzie International, a Swiss Verein advised the lenders on €799,654,464.34 and USD411,285,624.31 dual currency term loan facilities provided to Yapı ve Kredi Bankası A.Ş., the fourth largest private bank in Turkey with assets equivalent to USD82 billion. The firms advised Bank of America Merrill Lynch International Limited as Sole Bookrunner and Documentation Agent of a syndicate of 37 international banks. The deal was signed on 9 October 2017.
The transaction comprises of two 367-day facilities and two 2 year + 1 business day facilities, denominated in US dollars and euros, paying all-in spread of 135 bps, 125 bps, 220 bps and 210 bps respectively. The facilities attracted commitments from 37 banks from across the globe.
Apart from in its role as Sole Bookrunner and Documentation Agent, Bank of America Merrill Lynch also acted together with ICBC Yatırım as Joint Coordinators. Meanwhile, UniCredit Bank AG acted as Facility Agent for the facilities, which will refinance Yapı Kredi’s previous syndicated loan facilities signed on 4 October 2016.
The transaction was led by Baker McKenzie's Global Head of Banking & Finance, Paris-based partner Michael Foundethakis and Esin Attorney Partnership's Head of Banking & Finance, partner Muhsin Keskin. The team also included senior associates Luka Lightfoot (London) and Thomas Lefebvre (Paris) and associates Max Jones (London), Berk Cin (Istanbul) and Erdi Yıldırım (Istanbul).