Baker McKenzie and Esin Attorney Partnership, a member firm of Baker McKenzie International, have advised leading Turkish telecoms operator Türk Telekomünikasyon A.Ş. on its Rule 144A offering of U.S.$500,000,000 6.875 per cent Notes due 2025.
The deal is the first Turkish corporate Eurobond in almost 12 months and the first since the Turkish lira currency devaluation impacted Turkey in 2018. The Joint Bookrunners for the bond issue were BofA Merrill Lynch, Citigroup, ING, MUFG and Société Générale Corporate & Investment Banking.
Istanbul partner Muhsin Keskin remarked: “This deal reopens the Eurobond market for Turkish corporates and shows that they can access the market - whilst at the same time it clearly re-sets the whole Turkish corporate bond market in several ways. We are optimistic that other leading corporates will follow the example of Türk Telekom and once again approach international investors with confidence and optimism."
London-based US Securities partner Megan Schellinger added: "I have a long relationship with the Türk Telekom team and was delighted to work closely with them to bring this landmark deal to market ". Leveraged Finance Partner Rob Mathews commented: "The inclusion of a subset of customised covenants is a growing trend as traditional Eurobond corporates try to reach a wider investor base or address specific investor concerns."
The Esin Attorney Partnership team was led by partner Muhsin Keskin with associates Berk Cin, Erdi Yıldırım, İlyas Gezer, Baha Erol, Sena Uralçin, Yarkın Şanlı, Gökçe Önder, Can Sözer, Aybüke Gündel, Sinan Diniz, Ceren Seymenoğlu, Dilşad Sağlam, Fatih Yekeler and Yiğit Acar.
The Baker McKenzie team in London was led by partners Megan Schellinger (US Securities), Michael Doran (Capital Markets) and Rob Mathews (Leveraged Finance) supported by senior associate James Tanner.