Ergun, working with White & Case, has advised J.P. Morgan on ICA's issuance of USD 405 million 7.536% secured amortizing notes which will be used to finance the completion of the build-operate-transfer model Sariyer-Kilyos Tunnel which is part of the Third Bridge project in Turkiye. Lexist, working with Watson Farley & Williams, advised ICA. Verdi Law Firm, working with Clifford Chance, reportedly advised the existing lenders.
According to Ergun, this deal represents the first financing through bond issuance of a motorway public-private partnership deal in Turkiye. "It involved the issuance of project bonds by ICA Ictas Altyapi Yavuz Sultan Selim Koprusu ve Kuzey Cevre Otoyolu Yatirim ve Isletme, a group company of IC Holding, and a debt assumption undertaking by Ministry of Treasury and Finance of the Republic of Turkiye."
The Ergun team included Partners Lara Sezerler, Cagdas Evrim Ergun, and Pelin Ecevit, Associates Oyku Su Karahan, Serra Nur Celik, and Melis Kaim, and Legal Trainees Selcen Ileri and Nazan Eda Mumcu.
The Lexist team included Partner Murat Erbilen, Counsel Duygu Ozturk Dincer, and Trainee Lawyer Ceyda Serra Yasar.
Editor's Note: After this article was published, White & Case and its Turkish affiliate GKC Partners announced that they have advised initial purchaser J.P. Morgan Securities. The GKC Partners team included Partner Sebastian Buss and Associated Partner Guniz Gokce. The White & Case team included London-based Partner Stuart Matty and Associates Hashim Eltumi and Anu Alamutu.
