EBRD ₺100 million investment in Rönesans Holding bond issue

2/2/2016
Investment grade bond/note issue

TL 100 million

$ 34.22 million

2/2/2016


Overview:

  • The European Bank for Reconstruction and Development (EBRD) has invested ₺100 million in the ₺200 million bond issuance by Rönesans Holding, the first in Turkey to use the Turkish Lira Interbank Offered Rate (TRLIBOR) as its benchmark rate.
  • It is part of a larger ₺500 million bond programme by the issuer.
  • It is the first transaction under the EBRD’s recently approved ₺700 million programme dedicated to supporting Turkish lira-denominated bonds.
  • Proceeds from the investment will be used for the public-private partnership construction of a €342 million hospital in Elazig, as well as refinancing a portion of Rönesans Holding's existing debt.
  • Esin Attorney Partnership advised the EBRD.

Jurisdiction:

Türkiye

Deal type:

Investment grade bond/note issue

Practice area:

Capital markets : Debt

Industry sectors:

Energy
Real estate
Construction and materials


Firm:

Party: European Bank for Reconstruction and Development (Anchor investor)

Lawyer: Muhsin Keskin