Firm advised on five winning deals at Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards 2023
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Global law firm White & Case LLP provided legal advice on five winning deals announced at the Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards 2023.
The awards, which are organized by GFC Media Group, recognize "the most innovative and ground-breaking" capital markets deals from Central and Eastern Europe, the Commonwealth of Independent States and Türkiye.
The Firm's award-winning deals are:
- Ground-breaking Deal of the Year: White & Case advised the Ministry of Finance of Ukraine on a comprehensive liability management transaction that defers Ukraine's contractual obligation to make payments on approximately US$25 billion of its debt obligations for two years. This strategically important deal received broad support from Ukraine's private investor base and was endorsed by G7 partners including the US, UK, Canada, Japan, France and Germany.
- Infrastructure Finance Deal of the Year: White & Case, in association with GKC Partners,* advised the joint lead managers (JLMs) International Finance Corporation, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development (EBRD), Barclays, İşbank, Akbank, Türkiye Sınai Kalkınma Bankası (TSKB), and the Development Bank of Turkey (TKYB) on the €658 million bridge and development finance (DFI) loan—added to the original bridge loan of €1.2 billion—to Fraport TAV Antalya Yatirim Yapim ve İşletme, a JV operating Türkiye's Antalya Airport.
- ECA, DFI, IFI Deal of the Year: White & Case advised SASA Polyester Sanayi, a Turkish manufacturer of polymers and chemicals for the region's textile industry, on the €590 million export credit agency (ECA)-covered loan extended by JPMorgan for the financing of a petrochemical plant for the production of purified terephthalic acid in Adana, Türkiye.
- Local Currency Loan Deal of the Year: White & Case, in association with GKC Partners, advised the JLMs TSKB, Halkbank, Türkiye Finans Katılım Bankası, Denizbank and Türkiye Vakıflar Bankası on the TRY 4.9 billion loan to Uludağ Elektrik Dağıtım, Uluğ Enerji Dağıtım ve Perakende Satış Hizmetleri and Uludağ Perakende Elektrik Satış—Turkish electricity distribution companies in the Uludağ region.
- Syndicated Loan Deal of the Year: White & Case advised the JLMs BofA Securities, JPMorgan, EBRD, Sharjah Islamic Bank, Emirates NBD Capital, Gulf Bank and Rabobank on the €271.2 million and US$35 million syndicated loan to Ülker Bisküvi Sanayi, a Turkish multinational food and beverage manufacturer based in Istanbul.
According to GFC, the winners were selected based on "close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for those deals demonstrating high-quality execution, accessing new pools of liquidity, innovative structuring, and opening up new markets."
*White & Case works with GKC Partners in professional association on matters of Turkish law.