Paksoy has advised BNP Paribas, HSBC, and TEB Yatirim on Sasa Polyester Sanayi’s EUR 200 million convertible bond issuance. GKC Partners and White & Case advised Sasa on the deal.
According to Paksoy, “one of the tailor-made features of this landmark transaction is also the guarantee provided by a wholly-owned subsidiary of Sasa. This is the first international convertible bond issued by a Turkish corporate listed on Borsa Istanbul, which is expected to open up equity-linked issuances in Turkey and to give a new impulse to Turkish ECM environment.” According to the firm, “Sasa secured some waivers from the Capital Markets Board of Turkey on several key components such as setting the conversion price and conversion period. Sasa’s main shareholder also entered into a stock lending arrangement with BNP Paribas to facilitate hedging during the life of the bonds and participation of certain investors in the offering. The bonds with a conversion premium of 27,5% will mature in 2026 and the net proceeds of the offering will be used for general corporate purposes and for refinancing of existing debt, financing current and future investments.”
Paksoy’s team included Partners Omer Collak and Sansal Erbacioglu, Counsel Okkes Sahan, Senior Associate Nazli Tonuk Capan, and Associates Elvan Yolcu and Bulent Ozturk.
White & Case's team included London-based Partner Richard Pogrel and Associates Neha Saran and Hashim Eltumi, Paris-based Partner Philippe Herbelin, and Istanbul-based Derin Altan and Ates Turnaoglu (both Partners at the White & Case associated firm GKC Partners).