DLA Piper's Capital Markets group advises on US $500 million bond offering of Coca-Cola Icecek
04 Oct, 2013
US, English and Turkish-qualified lawyers from DLA Piper in London and YükselKarkınKüçük advised Coca-Cola İçecek, the Turkey-based international Coca-Cola bottler, in its inaugural offering of $500 million 4.750% investment grade notes due 2018.
Coca-Cola İçecek is one of the six largest bottlers in the global Coca-Cola system (among 250 bottlers around the world). In addition to Coca-Cola beverages, the group bottles other sparkling and still beverages, including water and tea, and has operations in ten countries, including Turkey, Pakistan, Iraq, Kazakhstan and Azerbaijan.
The DLA Piper team was led by partners George Barboutis and Ekin Gokkilic and included counsel Sarah Kight, senior associate Alexander Kolmakov and associates Ceren Berispek and Hazal Korkmaz.
The offering was led by Barclays, Citigroup HSBC and JP Morgan. They were advised by Allen & Overy and Turkish firm Paksoy. The offering was one of very few Turkish corporate bonds to receive two investment grade ratings, having received a Baa3 rating by Moody’s and a BBB by Fitch.
Partner George Barboutis, Head of the firm’s U.S. Securities Practice for EMEA, who led the international deal team, commented: “We are delighted to have advised Coca-Cola İçecek on this very successful transaction. This is an international bond offering for a household name that stands out in terms of size and pricing, achieved in difficult market conditions, and shows the continuously growing breadth and strength of the firm’s capital markets practice across EMEA. Once again, the London and Istanbul capital markets teams have worked seamlessly under demanding deadlines and delivered the highest standards of service.”
YKKPartner Ekkin Gokkilic, who led the Istanbul team that advised on the Turkish law aspects of the transaction commented: “This landmark transaction demonstrates the reputation and strength of Coca-Cola İçecek A.Ş. in the market. The successful international bond offering has shown again international investor appetite for Turkish corporate bonds even in difficult market conditions and their trust to Turkey’s growing economy and stability.”