Istanbul, Turkey, 25 June 2015 – ING extends loan facility to Izmir Metropolitan Facility for the procurement of light rail cars following last year's loan facility for the construction of two urban tram lines.
"We have been advising ING for three years on its ongoing relationship with the Izmir Metropolitan Municipality involving financing of the municipality in regards to its acquisition of ferries and railcars and the development of urban tram lines. It is thrilling to contribute to the modernization of the transport lines of one of Turkey's most beautiful cities," commented Muhsin Keskin.
The Firm advised ING Bank, a branch of ING-DIBA AG, in relation to a EUR 23,500,000 MIGA covered term loan facility extended to Izmir Metropolitan Municipality for the procurement of 85 railcars to be used in its light rail system. The deal was signed on 18 June 2015.
A cross-border team of lawyers from Esin Attorney Partnership, the Turkish member firm of Baker & McKenzie, and Baker & McKenzie's Frankfurt office advised on the loan facility. Banking & Finance Partner Oliver Socher (Frankfurt), Banking & Finance Partner Muhsin Keskin (Istanbul), Senior Counsel Anouschka Zagorski (Frankfurt) and associate Berk Cin (Istanbul) advised ING.
Previously, the Firm advised ING in relation to a EUR 55,000,000 MIGA covered term loan facility to the Izmir Metropolitan Municipality for its payment obligations in the construction of two urban tramway lines in Karsiyaka and Konak, two of Izmir's largest districts.
The Firm also recently advised ING Bank on a USD 244,496,076 and EUR 311,996,072 multi tranche dual-currency term loan agreement between ING Bank A.S. and a syndicate of 26 major banks from 11 countries.
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About Esin Attorney Partnership
Esin Attorney Partnership has long been a leading provider of legal services in the Turkish market. Today, as a member firm of Baker & McKenzie, our team of nine partners and more than 60 lawyers is an integral part of a seamless global network. Our Banking & Finance team is experienced in advising on acquisition finance, trade and export finance, project finance, syndicated lending, securitization, restructuring and insolvency, and other banking and finance matters. The team was recently ranked in Tier 2 of IFLR 1000's Banking & Finance Turkey publication after positive feedback from clients.
About Baker & McKenzie
Founded in 1949, Baker & McKenzie advises many of the world's most dynamic and successful business organizations through more than 11,000 people in 77 offices in 47 countries. The Firm is known for its global perspective, deep understanding of the local language and culture of business, uncompromising commitment to excellence, and world-class fluency in its client service. Global revenues for the fiscal year ended 30 June 2014, were US$2.54 billion. Eduardo Leite is Chairman of the Executive Committee. (www.bakermckenzie.com)
About ING Group
ING Group is a global financial institution active in banking, investments, life insurance and retirement services. It has more than 75,000 employees serving over 48 million private, corporate and institutional customers in 40 countries across Europe, North America, Latin America, Asia and Australia. ING-DiBa AG, a subsidiary of ING Deutschland GmbH, operates as a direct and retail bank in Germany.
About Izmir Metropolitan Municipality
Izmir is Turkey's third most populous city with a metropolitan population of 3.9 million. Aziz Kocaoglu is the Mayor of Izmir Metropolitan Municipality.
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