Global law firm White & Case LLP and GKC Partners have advised Pegasus Airlines, Türkiye's leading low-cost airline, on its Rule 144A/Reg S US$500 million Eurobond issuance.
The notes, due 2031 with a yield of 8.000%, will be listed on Euronext Dublin. The joint global coordinators and joint bookrunners were Citigroup Group Markets Limited and Morgan Stanley & Co. International plc, and the joint bookrunners were J.P. Morgan Securities plc, HSBC Bank plc, SMBC Nikko Capital Markets Limited and BCP Securities, Inc. The issuance also facilitated a simultaneous tender offer for the Pegasus Eurobonds due 2026, which was fully financed through the proceeds from the current note issuance.
Pegasus is a leading low-cost airline in terms of operational and financial performance across the industry, operating mainly out of its hub in Istanbul, Türkiye.
The White & Case team in London which advised on the transaction included partners Richard Pogrel and Laura Sizemore and associates Hashim Eltumi, Greg Brown and Ece Küreğibüyük. The GKC Partners team in Istanbul included counsel Derin Altan and associate Şehriban Ünlü. White & Case has a professional association with Istanbul-based GKC Partners.
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