Lexist is proud to announce that it advised ICA İçtaş Altyapı Yavuz Sultan Selim Köprüsü ve Kuzey Çevre Otoyolu Yatırım ve İşletme A.Ş. on the first-of-a-kind financing involving the issue of USD405mn 7.536% Secured Amortising Notes for the construction of the Sarıyer–Kilyos PPP Tunnel Project. The Project is the first bond issued in Türkiye by a project company under a Debt Assumption Agreement undertaken by the Treasury within the framework of a PPP. The bonds will be listed on LuxSE – the Luxembourg Stock Exchange.
Parties involved in the Kilyos Project included ICA İçtaş Altyapı Yavuz Sultan Selim Köprüsü ve Kuzey Çevre Otoyolu Yatırım ve İşletme A.Ş., both the Issuer and Project Company; JPMorgan Securities plc. acting as the Initial Purchaser/Sole Arranger; and BNY Mellon Corporate Trustee Services Limited as the Trustee.
The Lexist team was led by Dr. Murat Erbilen Partner, Head of Practice Project Finance, alongside Duygu Ozturk Dincer, Counsel, Project Finance, and assisted by Ceyda Serra Yaşar.
