Fitch rates Mersin’s bond BB-

Fitch Ratings said it assigned Mersin Uluslararasi Liman Isletmeciligi AS’s prospective dollar-denominated senior unsecured bond an expected rating of BB-.

“MIP is planning to issue a U.S. dollar-denominated bullet bond to refinance the existing $450 million outstanding debt maturing in August 2020, and to roll forward the undrawn $50 million liquidity facilities. No material covenants protect debt holders apart from defining a lock-up and additional indebtedness covenant as net debt/EBITDA higher than 3.0x. The senior debt does not benefit from a security package. MIP is also planning to negotiate a capex facility to fund the expansion in 2020 and 2021,” said Fitch in a press release.

The outlook is negative.

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