Baker McKenzie advises on Zorlu Enerji's USD 800 million Senior Guaranteed Sustainability-Linked Notes issuance

Leading global law firm, Baker McKenzie, has advised Emirates NBD Bank PJSC, Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc and Merrill Lynch International in their role as joint bookrunners on Zorlu Enerji's debut Rule 144A/Reg S USD 800 million senior guaranteed sustainability-linked notes issuance.

The transaction was one of the largest issuances in the region and the seventh bond issuance out of Türkiye that the Baker McKenzie team has acted on in 2024.

Commenting on the deal, Partner Megan Schellinger said "This transaction is another testament to our deep knowledge and expertise in the Turkish capital markets and the trust that issuers and banks alike have in our capabilities to deliver on complex transactions".

The notes, due 2030 with a yield of 11.000%, are listed on Euronext Dublin and are subject to a redemption price step-up linked to certain ESG targets. The proceeds of the issuance will be used as part of a comprehensive refinancing of the Zorlu Group's capital structure, including the redemption in full of the outstanding notes issued by Zorlu Renewables.