| Project Detail |
The EBRD has participated in the Mersin Uluslararasi Liman Isletmeciligi A.S (MIP or Mersin International Port) US$ 600 million Eurobond issue. This is the Banks second subscription to an MIP bond following its participation in MIPs first issuance in 2013. Project Objectives The proceeds of the issuance will be used for refinancing MIPs existing bond of USD 450 million, which will mature in August 2020, and for general corporate purposes. Transition Impact ETI score: 80 The project is prepared under the Framework for Development of a Secondary Market for Maturing PPPs. In line with the Framework, the Banks participation in the bond contributes to Resilient and Well-Governed transition qualities, which are related to the development of the capital markets in Turkey by encouraging infrastructure companies to diversify their sources of funding and supporting enhanced disclosure standards. 1) Resilient. The project supports the development of secondary market for PPP transactions through facilitating the entry of new institutional investors; 2) Well-governed. The project promotes adherence to high standards of transparency in the prospectus and ongoing reporting/disclosure. Client Information MERSIN ULUSLARARASI LIMAN ISLETMECILIGI AS MIP, an existing client of the Bank, is a special purpose vehicle jointly owned by (i) PSA International (PSA), (ii) Australias IFM Investors (IFM), and (iii) Akfen Holding A.S. (Akfen). Following a competitive tender process, MIP was awarded on 11 May 2007 a 36-year concession by the Turkish authorities to develop and operate Mersin Port. It is Turkeys largest port in terms of import/export container throughput and the largest container port by total throughput. The port is well equipped to handle a range of dry bulk, liquid bulk, containers, and ro-ro cargos. EBRD Finance Summary USD 90,000,000.00 Subscription to a US$ 600 million 5-year, unsecured, fixed-rate bond issue arranged by HSBC, Citi and DBS. Total Project Cost USD 600,000,000.00 |
