Mersin accepts tenders for $410.69 million of 5 3/8% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Nov. 16 – Mersin Uluslararasi Liman Isletmeciligi AS announced the results of the tender offer for any and all of its $600 million 5 3/8% notes due 2024 (ISIN: XS2071397850, US590454AB08), according to a notice.

As of the expiration of the offer at 5 p.m. ET on Nov. 15, which was also the withdrawal deadline, holders representing $410,685,000 principal amount tendered their notes.

All of the tendered notes will be repurchased at par plus interest.

Settlement is slated for Nov. 17.

The deadline for notes tendered under guaranteed delivery procedures is Nov. 17, with settlement for those notes planned for Nov. 20.

Mersin said it undertook the offer to proactively manage its upcoming debt redemptions and to extend its debt maturity profile.

Also on Nov. 6, Mersin published a conditional notice of redemption for the notes that remain outstanding following the settlement of the offer. They will be redeemed at par plus interest on Dec. 6.

Mersin also announced that the financing condition has been satisfied. The redemption was conditional on the issue of new fixed-rate notes totaling the necessary funds to fully redeem the notes for a nominal amount of $600 million.

The aggregate principal amount of the outstanding notes on the redemption date will be the aggregate principal amount remaining following the final settlement date of the tender offer.

Tendering noteholders will be given priority in the allocation of the new notes.

Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106, liabilitymanagement.europe@citi.com), DBS Bank Ltd. (liabilitymanagement@dbs.com) and HSBC Bank plc (+852 3941 0223, +44 20 7992 6237, 888 HSBC-4LM, 212 525-5552, liability.management@hsbcib.com) are acting as dealer managers for the tender offer, and Citibank, NA, London Branch (+44 20 7508 3867, exchange.gats@citi.com) is acting as tender agent.

The Mersin-based issuer runs Turkey’s largest port, which is jointly owned by Akfen Holding and PSA International.

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