Latham & Watkins Advises Mersin International Port on US$600 Million Bond Issuance and Tender Offer

Latham & Watkins has advised Mersin International Port (Mersin) on the issuance of US$600 million 8.25% notes due 2028 pursuant to Regulation S and Rule 144A of the US Securities Act listed on the Global Exchange Market of Euronext Dublin, and a concurrent tender offer to purchase any and all of its outstanding US$600 million 5.375% notes due 2024. Citi, DBS Bank, and HSBC acted as joint bookrunners and dealer managers.

Mersin is the largest multi-purpose port in Türkiye and the dominant port in the East Mediterranean region with a 75% market share in container throughput, jointly owned by PSA International, IFM Investors, and Akfen Holding.

The Latham team was led by London corporate partners David Stewart, Manoj Tulsiani, and Shawn Anderson, with associates Yolanda Min, Alexander Kartyshev, and Clive Wong. Advice on US tax matters was provided by New York partners Elena Romanova and Gregory Hannibal, with associate Seung Hyun Yang.