Page 32 - TURKRptSep21

China Merchants Group, formed a consortium with five other investors and since 2019 has been in talks to buy 51% of the bridge operator for around $689mn.
The deal’s success hinges on the refinancing of a $1.6bn chunk of a loan used to finance the building of the bridge in 2013.
Disputes over the precise terms of this refinancing, which is being backed by banks including Industrial & Commercial Bank of China, Bank of China and China Merchants Bank Co, now threaten to scupper the deal.
IC Yatirim has rejected an offer from the Chinese buyers to put money covering the purchase into an escrow account until the loan refinance is agreed. It is said to want the payment made up front.
It is unclear whether talks over the deal will resume.
The 1.4-kilometre Yavuz Sultan Selim Bridge and its associated toll roads have been in operation since 2016.
Italian builder Astaldi, which ran into financial difficulties at home following a domestic construction slump, previously sold its stake in the project to IC Yatirim, according to Bloomberg.
Bloomberg reported last year that discussions with the Chinese buyers had already been disrupted by the coronavirus pandemic, with talks delayed because bankers and executives were not able to travel between Turkey and China and had to communicate by video link.
Major debt restructurings by Turkish borrowers
Date
Borrower
Owner
Amount
Maturity
Banks
Aug-21
3rd Bosporus Bridge
Ictas, China Merchants
$1.6bn
STALLED
ICBC, Bank of China, China Merchants Bank
Jun-21
243 companies
October 2019 - June 2021
TRY67bn
-
TBB under restructuring law
May-21
Istanbul Airport
Kalyon, Cengiz, Mapa, Limak
€5.8bn
2033
Ziraat,Halkbank, Garanti, Vakifbank, Deniz
May-21
230 companies
October 2019 - May 2021
TRY56bn
-
TBB under restructuring law
Mar-21
-
Data obtained by TBB from banks
TRY216bn
-
Out restructuring law, not reflecting all restructurings
Mar-21
Dogus REIT (DGGYO)
Dogus Holding
€100mn
2026
Credit Europe (Fiba Holding)
Mar-21
Pamukkale Turizm
-
-
2025
-
Mar-21
Marti (MARTI)
-
$128mn
2030
Denizbank
Mar-21
Global Liman (GPH)
Global Yatirim holding
$250mn
2024
eurobond due Nov 14, 2021
Mar-21
4 Football clubs
Besiktas, Fener, Galatasaray, Trabzon
-
2030
Ziraat, Halk, Deniz, Yapi Kredi
Mar-21
86% of business owners
rent, utility bills, tax
-
-
-
Feb-21
201 companies
-
TRY35bn
-
TBB under restructuring law
Feb-21
TAV Tunisia
TAV (TAVHL)
€371mn
-
local banks
Feb-21
Istanbul Airport
Kalyon, Cengiz, Mapa, Limak
-
2024
DHMI (Turkish airports authorithy)
Feb-21
Five airports
TAV (TAVHL)
-
2024
DHMI (Turkish airports authorithy)
Feb-21
Airport operators
Kalyon,Cengiz,Mapa,Limak,Aeroportsd
-
2024
Government
eParis,MalaysiaAirports
Feb-21
5mn university students
-
TRY5.5bn
demand
Government
Jan-21
191 companies
-
TRY34bn
-
TBB under restructuring law
Jan-21
Gaziantep city hospital
Samsung(Korea), WeBuild, Kayi, Actus
€483.5mn
-
rumour
Jan-21
Ankara city hospital
Turkerler, WeBuild(Italy)
€883mn
-
EBRD,IFC,Agricole,Deutsche,UniCredit,Is,
32 TURKEY Country Report September 2021 www.intellinews.com