July 24, 2019
Balcıoğlu Selçuk Akman Keki Avukatlık Ortaklığı (“BASEAK”) and Dentons are pleased to have advised Barclays Bank PLC acting as the Dealer Manager on the tender offer by Yaşar Holding A.Ş (“Yaşar”) to the holders of its outstanding USD 250,000,000 8.875 per cent.Notes due 2020 issued by Yaşar to tender such Notes for purchase.
Founded in 1927, the Yaşar Group is one of Turkey's leading producers of food and beverage products, paint and coatings and tissue paper products in Turkey. The Group is comprised of multiple operating entities across four primary business segments – food and beverage, coatings, tissue and other operations (including foreign trade, energy and tourism). Six of the group companies (Pinar Sut, Pinar Et, Pinar Su, DYO Boya, Viking Kagit and Altin Yunus) are quoted on the Borsa Istanbul and have a combined market capitalisation of approximately US$ 1,06 billion.
The Offer was to be conducted following a Modified Dutch Auction Procedure and the Purchase Price determined was U.S.$789 for each US$1,000 in principal amount of Notes validly tendered and accepted by Yaşar for purchase pursuant to the Offer. The Acceptance Amount in connection with the Offer was USD 44,408,000. Following the Settlement Date on 17 July 2019, USD 172,217,000 (ISIN: XS1132450427) of Notes remain outstanding.
Head of Capital Markets at BASEAK, Müfit Arapoğlu led on Turkish law matters, together with Cenk Yılgör and Sena Mutlu. Dentons Partner Nick Hayday, led the matter from London with the help of Associate Moeen Qayum and Trainee Gemma Dreelan.
About Balcıoğlu Selçuk Ardıyok Keki
Balcıoğlu Selçuk Ardıyok Keki Attorney Partnership is an Istanbul-based full service law firm with a team of 85+ 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.