Limak Iskenderun Uluslararası Liman Isletmeciligi A.S. (Limak Port), the operator of Limak Port Iskenderun located in southern Turkey at the northeast coast of the Mediterranean Sea, has successfully completed the issuance of US$370 million Rule 144A/Reg S senior secured bonds at a coupon rate of 9.50%, raising significant attention from the international investors. The transaction is regarded as one of the first-ever project bond issued outside of Turkey with a step-up coupon based on ESG key performance indicators.

The bonds will mature in 2036 and are admitted to listing on the Singapore Exchange Securities Trading Limited (SGX-ST). Limak Port used the proceeds raised by the bond issuance to refinance its existing project loans. The security package includes, among other things, a pledge over all of the shares of Limak Port, a pledge of all movable assets of the Limak Port, excluding assets required to satisfy the minimum port capacity under the concession agreement and a security interest in offshore and onshore accounts.

Paksoy is pleased to announce that the capital markets and banking and finance teams of Paksoy acted for the issuer Limak Port in this transaction. The capital markets team led by partner Omer Collak, together with senior associate Nazlı Tönük Çapan, and banking and finance team led by partner Sera Somay, together with associate Merve Kurdak Kurtdarcan.