Leading global law firm Baker McKenzie and Esin Attorney Partnership, a member firm of Baker McKenzie International, have advised on an issuance of US$650 million Eurobonds due 2025 by Ülker Bisküvi Sanayi A.Ş., a Turkish multinational food manufacturer.
Founded in 1944, Ülker Bisküvi Sanayi A.Ş is the market leader in Turkey in confectionery products. As a global food giant serving the national and international markets, it produces a broad range of biscuits, chocolate and cake products. Baker McKenzie and Esin Attorney Partnership acted as legal counsel to the banks, including BofA Securities and J.P. Morgan as Global Coordinators and Bookrunners. HSBC acted as a joint lead manager and Rabobank and Renaissance Capital acted as co-managers on the transaction.
The transaction was the first offering by a Turkish corporate in 2020 and the first inaugural offering by a Turkish issuer in more than 2 years.
Megan Schellinger, Corporate Finance partner at Baker McKenzie commented, “We are delighted to have advised Ülker Bisküvi on this very important, ground-breaking and high profile transaction, particularly at a time of difficult market conditions”.
The team was led by partners Megan Schellinger, Rob Mathews (both London) and Muhsin Keskin (Esin Attorney Partnership, Istanbul) and supported by associates Ben Bierwith (London), Berk Cin and Büşra Cavas (both Esin Attorney Partnership, Istanbul).
The transaction is the latest in a string of Turkish debt deals Baker McKenzie have advised on post-COVID-19. We advised on a USD 500 million deal for Akbank in July and a subsequent private placement green bond for Akbank in August 2020.
The deal closed 30th October 2020.