Zorlu Enerji Issues USD 800 Million Sustainability-Linked Notes
Deal News | Nov 01, 2024 | CEE Legal Matters
Zorlu Enerji has engaged in a significant financial maneuver by issuing USD 800 million in senior guaranteed sustainability-linked notes. This marks their debut under Rule 144A/Reg S, targeting well-informed investors through joint efforts with prominent financial institutions. The issuance, aided by advisory services from Baker McKenzie and White & Case along with GKC Partners, reflects a strategic focus on refinancing and restructuring Zorlu Group's capital framework. Notably, the notes due in 2030 bear an 11.000% yield and are Euronext Dublin-listed, with clauses that connect redemption prices to specified ESG objectives. This strategic financial initiative forms part of Zorlu's broader goal to redeem all extant notes of Zorlu Renewables, thereby optimizing its capital portfolio.
Sectors
- Energy
- Finance
- Legal Services
Geography
- Turkey – Zorlu Enerji is a Turkish company, and the issuance involves Turkish legal matters via GKC Partners.
- United Kingdom – The advisory firms, including Baker McKenzie and White & Case, have key legal teams based in London.
Industry
- Energy – The article is centered on Zorlu Enerji, which is part of the energy sector, focusing on sustainability-linked financing initiatives.
- Finance – The transaction involves financing instruments and extensive participation from financial institutions, highlighting financial structuring and advisory roles.
- Legal Services – Legal advisory services were notably provided by Baker McKenzie, White & Case, and GKC Partners in facilitating the note issuance.
Financials
- USD 800 million – Total amount of sustainability-linked notes issued by Zorlu Enerji.
- 11.000% – Yield of the notes due in 2030.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Zorlu Enerji | Issuer | Company | A Turkish energy company engaged in the issuance of sustainability-linked notes. |
| Baker McKenzie | Legal Advisor | Company | Provided legal advice to joint bookrunners during the notes issuance. |
| White & Case | Legal Advisor | Company | Advised Zorlu Enerji, including its partnership with GKC Partners. |
| GKC Partners | Legal Advisor | Company | Turkish affiliate of White & Case advising Zorlu Enerji. |
| Emirates NBD Bank | Joint Bookrunner | Company | Served as a joint bookrunner in the notes issuance. |
| Goldman Sachs International | Joint Bookrunner | Company | Acted as a joint bookrunner in the transaction. |
| HSBC Bank | Joint Bookrunner | Company | One of the joint bookrunners involved in the issuance. |
| J.P. Morgan Securities | Joint Bookrunner | Company | Participated as a joint bookrunner. |
| Merrill Lynch International | Joint Bookrunner | Company | Served as a joint bookrunner in the issuance. |