White & Case advises on GDZ Elektrik’s US$519 million debut Eurobond issuance

Global law firm White & Case LLP and GKC Partners have advised Morgan Stanley & Co. International plc, as bookrunner, on the Rule 144A/Reg S US$519 million debut Eurobond issuance by GDZ Elektrik Dağıtım A.Ş. (GDZ), comprising an initial US$400 million offering followed by a US$119 million tap issuance consolidated into a single series.

“This landmark transaction demonstrates continued investor confidence in Türkiye’s energy sector and highlights the growing appetite for structured debt financing in emerging markets,” said White & Case partner Richard Pogrel, who co-led the Firm’s deal team. “The successful tap issuance following the initial offering further underlines the market’s strong reception of GDZ’s debut international bonds.”

The unsecured senior notes, due 2029, are listed on Euronext Dublin.

GDZ is Türkiye’s fourth largest distribution network and the exclusive operator of the electricity distribution network in the İzmir and Manisa regions. Aydem Holding, GDZ’s principal shareholder, is one of Türkiye’s largest companies operating in the energy sector and its first private hydroelectric power generation company, private electricity distribution company and integrated energy group, combining generation, distribution and retail activities.

The White & Case team in London which advised on the transaction was led by partner Richard Pogrel and included associates Hashim Eltumi and Jack Adachi. The GKC Partners team in Istanbul included partner Ateş Turnaoğlu, counsel Derin Altan and associate Muhammed Aşula. White & Case has a professional association with Istanbul-based GKC Partners.

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