Clifford Chance

Clifford Chance advises Türk Eximbank on US$500 million bond issue

Clifford Chance's London and Istanbul offices recently advised Türkiye İhracat Kredi Bankası A.Ş. ("Türk Eximbank") on its Rule 144A/Regulation S offering of US$500 million of 5.875% notes due 2019 (the "Notes").  Türk Eximbank is a state-owned bank that provides loans, guarantees and insurance, principally to Turkish exporters.  The proceeds of the issuance are expected to be used by Türk Eximbank for export and project financing purposes.

Chris Walton, lead partner on the transaction said:

"We are delighted to have advised on another issue for Türk Eximbank following our involvement in the November 2011 Rule 144A/Reg S offering, which was the bank's first international issue since the 1990's.

Turkey is a key jurisdiction for many of our clients and a strategic focus for the firm, and we have a growing presence in the region where we also advise the underwriters on international offerings by The Republic of Turkey and Turkiye Is Bankasi AS on its international debt offering."

The Clifford Chance team was led by London-based US capital markets partner Chris Walton, assisted by Claudia Kim and Leah Pinto in the London office and partner Mete Yegin, assisted by Müfit Arapoglu, Özgür Göral and Sait Eryilmaz in the Istanbul office.  English law advice was provided by partner David Dunnigan and senior associate Eric Green in London, while U.S. tax advice was provided by counsel Carolina Perez Lopez and U.S. employment law advice was provided by partner Jeffrey Lieberman.

Barclays Bank PLC, Citigroup Global Markets Limited, ING Bank N.V., London Branch and Standard Chartered Bank acted as the lead managers in relation to the offering of the Notes, which have been admitted to trading on the regulated market of the London Stock Exchange.