Leading international law firm Freshfields Bruckhaus Deringer has advised on Yașar’s $250m bond issue. The Yașar group is one of Turkey’s leading producers of food and beverage products and coatings products.
The bond is a senior, unsecured, Rule 144A / Reg S issue, guaranteed by certain group operating companies, with an annual coupon of 8.875% and maturing in 2020. The bond has been rated B2 by Moody’s and B by Fitch and is listed on the Luxembourg Euro MTF Market.
The Yașar group is one of the top players in the Turkish food and beverage market, and is one of the largest coatings producers in Turkey, by volume and by sales. The proceeds of the issue will be used to refinance existing debt.
Stuart Grider, US securities partner, said ‘Freshfields are very pleased to have represented Barclays and Citi on the very successful bond issue by Yaşar. It was a pleasure to have worked alongside all the various teams on the deal. The reach and experience of our Turkish practice and our emerging markets debt capital markets practice continues to go from strength to strength.’
Nick Hayday, senior associate, added ‘Despite unsettled market conditions, this was a very impressive issue for Yașar and positions the firm well for continued expansion.’
Partners Peter Allen and Stuart Grider and senior associate Nick Hayday led the Freshfields international debt capital markets team advising the joint bookrunners and joint lead managers, Barclays and Citi, on the transaction.
Source: www.freshfields.com
