We are delighted to see the continued recognition of Project Kilyos. The roster of awards the Project has featured in includes: 2025 Winner: GBM Project Finance Deal of the Year; 2025 Runner-Up: 2025 IFLR Europe Project Finance European Deal of the Year; 2025 Winner: Istanbul PPP Week Bond Deal of the Year; and 2024 Winner: Infrastructure Journal Global European PPP of the Year.
Lexist advised the issuer and project company, ICA İçtaş Altyapı Yavuz Sultan Selim Köprüsü ve Kuzey Çevre Otoyolu Yatırım ve İşletme A.Ş. on this first-of-a-kind financing involving the issue of USD405mn Secured Amortising Notes for the construction of the Sarıyer–Kilyos PPP Tunnel Project. The Project was 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 were listed on LuxSE – the Luxembourg Stock Exchange.
Other parties involved in the Project included 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, Senior Partner, alongside Duygu Ozturk Dincer, Partner and assisted by Ceyda Serra Yaşar, Associate.
See the full list of winners and advisers here Global Banking and Market Awards CEE, Central Asia & Türkiye 2025 – GBM
