Legal Advisor to the existing lenders Legal Advisor to J.P. Morgan Legal Advisor to ICA USD 405 Million Project Bond Issuance for Sariyer-Kilyos Tunnel Project DEAL BRIEF ADVISORS Ergun Law Firm, in collaboration with White & Case, has advised J.P. Morgan on ICA’s issuance of USD 405 million in 7.536% secured amortizing notes. The proceeds will finance the completion of the Sariyer-Kilyos Tunnel, part of the Third Bridge project in Türkiye, using the build-operate-transfer model. Lexist Law Firm, in collaboration with Watson Farley & Williams, acted as legal counsel to ICA. Verdi Law Firm, working alongside Clifford Chance, advised the existing lenders in this transaction. According to Ergun, this marks the first motorway public-private partnership in Türkiye to be financed through project bond issuance. The deal involved the issuance of project bonds by ICA Ictas Altyapi Yavuz Sultan Selim Köprüsü ve Kuzey Çevre Otoyolu Yatırım ve İşletme, a group company of IC Holding. It also included a debt assumption undertaking by the Ministry of Treasury and Finance of the Republic of Türkiye. The Ergun team advising on the transaction comprised Partners Lara Sezerler, Çağdaş Evrim Ergun, and Pelin Ecevit, with support from Associates Öykü Su Karahan, Serra Nur Çelik, and Melis Kaim, as well as Legal Trainees Selcen İleri and Nazan Eda Mumcu. The Lexist team included Partner Murat Erbilen, Counsel Duygu Öztürk Dinçer, and Trainee Lawyer Ceyda Serra Yaşar. 58 LAWYER MONTHLY MARCH 2025
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