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Turkey’s Mersin International Port (MIP), the company that operates the country’s largest port terminal by both tonnage capacity and import/export container throughput, on November 7 sold $600mn of 5-year eurobonds due November 15, 2024​ (XS2071397850) at a price of 99.676% and a coupon rate of 5.375%, Cbonds reported on November 19.
Citigroup, DBS and HSBC acted as bookrunners for the bond while Clearstream Banking S.A., DTCC, Euroclear Bank and Federal Reserve System were the depository trust companies.
There is yet to be an official announcement on the transaction from MIP.
On November 4, Reuters reported that the port operator mandated the bookrunners to sell $550mn of 5-year paper.
A subsequent Reuters report suggested on November 7 that the initial price guidance for the 5-year eurobond was set at more than 5%.
On November 15, the European Bank of Reconstruction and Development (EBRD) said it had bought $90mn worth of the MIP paper.
MIP plans to use the new issue to finance its $450mn of outstanding eurobonds due August 2020 (XS0957598070) and use the remaining sum for operations. In 2013, the EBRD bought $79.5mn of the 7-year paper, which pays a 5.875% coupon.
76​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com