Global law firm White & Case LLP and GKC Partners have advised joint bookrunners Citigroup Global Markets Limited and Morgan Stanley & Co. International plc on the Rule 144A/Reg S US$400 million debut Eurobond issuance by GDZ Elektrik Dağıtım A.Ş.
"Over the past five years we have advised on every corporate debut international Eurobond out of Türkiye," said White & Case partner Richard Pogrel, who co-led the Firm's deal team. "This deal reaffirms our long-standing relationship with the Aydem Group."
GDZ is Türkiye's fourth largest distribution network and the exclusive operator of the electricity distribution network in the regions of İzmir and Manisa. As of December 2023, GDZ delivered electricity to approximately 3.8 million users.
Aydem Holding, GDZ's principal shareholder, is one of Türkiye's largest companies operating in the energy sector, and the nation's first private hydroelectric power generation company, private electricity distribution company and integrated energy group (combining generation, distribution and retail activities).
The unsecured senior notes, due 2029, will be listed on Euronext Dublin.
The White & Case team in London which advised on the transaction was led by partners Laura Sizemore, Richard Pogrel and James Greene and included associates, Hashim Eltumi, Jack Adachi and Ece Kuregibuyuk. The GKC Partners team in Istanbul included partner Ateş Turnaoğlu, counsel Derin Altan and associates Can Argon and Ekin Çınar. White & Case has a professional association with Istanbul-based GKC Partners.
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