September 26, 2017
Balcıoğlu Selçuk Akman Keki Avukatlık Ortaklığı (“BASEAK”) and Dentons advised Coca-Cola İçecek Anonim Şirketi (“CCI”), the Coca-Cola bottler for Turkey, Central Asia, Pakistan and the Middle East, on its Rule 144A/Regulation S issuance of US$500 million 4.215% Notes due 2024. CCI is the first Turkish corporate issuer Eurobond market in 2017, and last issued in 2013.
BASEAK acted as Turkish counsel and Dentons acted as English and United States counsel to the company.
This is another major international capital markets transaction for a Turkish company on which Dentons and BASEAK have advised in 2017, following our role on the very first premium listing of a Turkish company on the London Stock Exchange, advising different shareholder groups on the initial public offering of Delivery Hero and advising Akbank in relation to its DPR program.
CCI is the fifth largest independent bottler of The Coca-Cola Company, and operates 25 bottling plans (10 in Turkey) and accesses a consumer base of over 380 million people in 10 countries. CCI has been listed on the Borsa Istanbul A.Ş. since 2006, and as of 30 June 2017 had a market capitalization of US$2.9 billion. It is also Turkey’s leading sparkling soft drinks producer as well as Turkey’s leading juice drink producer. The company intends to use the net proceeds from the offering to refinance existing indebtedness, to fund its capital expenditure program and for general corporate purposes.
BASEAK partner Müfit Arapoğlu commented, “We are very happy to have acted on this landmark transaction which demonstrates the ongoing interest of foreign investors in the Turkish market and in Turkish companies. As BASEAK, we are committed to be a leading firm in Turkish capital market transactions.”
Capital Markets Head Müfit Arapoğlu from BASEAK led on Turkish law matters, together with senior associate Duygu Eldem Çetinkaya and Cenk Yılgör. Debt Capital Markets Partner David Cohen and US Securities Partner Cameron Half led the matter from London, working with associates Nicholas Yao and Moeen Qayum.
About Balcıoğlu Selçuk Akman Keki
Balcıoğlu Selçuk Akman Keki Attorney Partnership is an Istanbul-based full service law firm with a team of 75-plus lawyers and economists. Our practice focuses on a wide range of areas including real estate, corporate, mergers and acquisitions, banking, project finance, capital markets, competition and anti-trust, employment, litigation and arbitration, telecommunication, regulatory and public law and intellectual property. We represent and advise Turkish and multinational clients, including Fortune 500 companies, in the banking and finance, private equity, real estate, manufacturing, hospitality and leisure, retail, automotive, energy, information technology, life sciences, luxury fashion and beauty, and media sectors.