GKC Partners in association with White & Case has advised joint bookrunners UBS and Bank of America Securities on LimakPort’s issuance of USD 370 million senior secured bonds, under Rule 144A / Regulation S due 2036, at a coupon rate of 9.50%. Paksoy advised the issuer.
LimakPort is a multi-purpose integrated facility that can serve project cargo, general cargo, bulk cargo, and livestock ships. The port is located in Iskenderun, Turkey, and has a container handling capacity of one million twenty-foot-equivalent cargo units per year.
According to GKC Partners, this transaction was the first marketed project bond in Turkey done by a Turkish company and the first Turkish corporate bond with a sustainability-linked coupon.
According to Paksoy, the bonds will were admitted to listing on the Singapore Exchange Securities Trading Limited. Furthermore, according to Paksoy, LimakPort will use the proceeds raised by the bond issuance to refinance its existing project loans. Paksoy reported that the security package includes, among other things, a pledge of all of the shares, movable assets, and a security interest in offshore and onshore accounts of LimakPort. However, the package does not include excluding assets required to satisfy the minimum port capacity.
GKC Partners’ team included Partners Derin Altan and Ates Turnaoglu, Associates Asli Gulum, Can Argon, and Gokcen Durgut, Trainee Lawyer Elif Engin, and Legal Interns Atakan Arslan and Zeynep Ulasan.
Paksoy’s team included Partners Omer Collak and Sera Somay, Senior Associate Nazli Tonuk Capan, and Associate Merve Kurdak Kurtdarcan.