Turkey’s LimakPort to price $360 million 15-year notes

By Rebecca Melvin

Concord, N.H., May 11 – Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (LimakPort) is pricing $360 million of senior secured notes due in 15 years (expected rating: B3//BB-), according to a notice published by the London Stock Exchange.

UBS AG and BofA Securities are managers of the deal.

According to Moody’s Investors Service, the proceeds are expected to be used to refinance LimakPort's senior secured debt, pay down some but not all the shareholder loans, pay transaction fees and pre-fund reserve accounts as required under the terms of the proposed notes.

The port operator is based in İskenderun, Turkey.

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