Global law firm White & Case LLP has advised SASA Polyester Sanayi A.Ş. (SASA), one of the leading global producers of speciality polyester polymers, stable fibres and filament yarns, on its inaugural offering of €200 million guaranteed convertible bonds.
"White & Case has advised SASA on a milestone convertible bond transaction that once again demonstrates our market-leading ability to break new ground in the international capital markets and deliver on first-of-kind major transactions," said White & Case Capital Markets partner Richard Pogrel. "The combination of our cross-border equity-linked capabilities in London and Istanbul made the deal possible through the resolution of various challenging issues that arose during the course of the transaction, which involved close cooperation with the Turkish regulator."
The transaction is the first ever convertible bond issuance from Turkey and opens up the Turkish bond market to similar issuances in the future as the asset class increases in popularity. The bonds are callable in 2026 and have an annual coupon of 3.25%, with SASA intending to use the proceeds for general corporate purposes.
BNP Paribas acted as global co-ordinator, with HSBC acting as bookrunner.
The White & Case team which advised on the transaction included partners Philippe Herbelin (Paris), Richard Pogrel (London) and association partners Derin Altan and Ates Turnaoglu (both Istanbul) and associates Neha Saran and Hashim Eltumi (both London).
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