Published: November 30, -0001
The issuance, supported by the EBRD, will be used to refinance an existing bond and ensure smooth running of the port.
In November, Mersin International Port (MIP) announced it was issuing a new US$600mn Eurobond, with support from the European Bank of Reconstruction and Development (EBRD). The EBRD invested US$90mn, making a bold statement to the broader investor base.
“We believe that EBRD, as a significant investor in the bond, has helped provide comfort to others, especially international investors,” Sue Barrett, EBRD director for infrastructure, tells EMEA Finance. “We are delighted to have been part of this successful issuance in difficult market conditions and to have played a role.”
As Turkey’s largest multipurpose port terminal, both by tonnage and import and export container throughput, Mersin International Port provides an essential link between Turkey and the Middle East. Situated within a 500km radius of 16 cities, it connects Turkey’s industrialised cities with bordering countries and plays a major role in the country’s international trade.
While this is a Turkish domiciled company, it benefits from international ownership. Singapore’s PSA International has a 51% stake, while Australia’s IFM Global Infrastructure Fund and Turkey’s Afken Holding own 39% and 10% respectively.