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Clifford Chance advises Joint Bookrunners on WE Soda's inaugural high yield bond offering

9 October 2023

Clifford Chance advises Joint Bookrunners on WE Soda's inaugural high yield bond offering

Global law firm Clifford Chance advised BNP Paribas, Goldman Sachs International, J.P. Morgan Securities plc, Deutsche Bank AG, London Branch, Emirates NBD Bank PJSC, MUFG Securities EMEA plc, PNC Capital Markets LLC and Bank of China (Europe) S.A. as Joint Bookrunners on the successful offering of $800 million 9.50% senior secured notes by WE Soda Holdings Investment Plc, a wholly-owned subsidiary of WE Soda Ltd. The gross proceeds from the offering of the notes, will be used to repay certain of WE Soda’s existing indebtedness and pay related fees and expenses. This transaction represents WE Soda's inaugural capital markets offering, the largest debut emerging markets high yield transaction since 2021, the largest single tranche offering by a corporate issuer with major operations in Turkey and the largest offering in the EMEA chemicals sector since 2021.

WE Soda is the world's largest producer of natural soda ash. Soda ash is the tenth most highly consumed inorganic industrial ingredient in the world and is a critical ingredient in glass manufacturing and products which play an important role in facilitating the energy transition and sustainability trends, including solar photovoltaic glass and the production of lithium carbonate used in lithium ion electric vehicle batteries. WE Soda currently operates two large-scale, modern production facilities located near Ankara in Turkey, known as Eti Soda and Kazan Soda, and plans to develop two greenfield projects located in Wyoming, US.

Clifford Chance's multi-office, international team advising on the offer was led by the firm's U.S. securities team in London, including partner Michael Dakin, senior associates Sannu Shrestha and Phil Houten and law clerks Thalia Stanberry and Brian Chen. Advice on certain financing matters was provided by partners Peter Dahlen and Matt Dunn, senior associate Rachel Freeman and associates June Ng and Alex Hpa. Advice on Turkish law matters was provided by partner Sait Eryilmaz, senior associate Ali Can Altıparmak and associates Pelinsu Demircan and Bilgesu Çakmak in Istanbul.