London—Dentons is pleased to have advised on the tender offer by Yaşar Holding A.Ş (Yaşar) to the holders of its outstanding US$250,000,000 8.875 per cent. Notes due 2020 issued by Yaşar to tender such Notes for purchase (the Offer). Teams from Dentons' London and BASEAK offices advised Barclays Bank PLC in its capacity as Dealer Manager for the Offer.

Dating back to 1927, the Yaşar Group is one of Turkey's leading producers of food and beverage products and coatings products. The Group is comprised of multiple operating entities across four primary business segments – food and beverage, coatings, tissue and other operations (including foreign trade, energy and tourism). Six of the group companies (Pinar Sut, Pinar Et, Pinar Su, DYO Boya, Viking Kagit and Altin Yunus) are quoted on the Borsa Istanbul and have a combined market capitalisation of approximately TRY1.06 billion.

The Offer was conducted following a Modified Dutch Auction Procedure and the Purchase Price determined was US$789 for each US$1,000 in principal amount of Notes validly tendered and accepted by Yaşar for purchase pursuant to the Offer. The Acceptance Amount in connection with the offer was US$44,408,000. Following the Settlement Date on 17 July 2019, US$172,217,000 (ISIN: XS1132450427) of Notes remain outstanding.

This deal represents Dentons' capabilities to advise on liability management exercises by issuers of debt. Dentons' London-based Capital Markets partner Nick Hayday said, "We are very pleased to have worked closely with the Barclays and Yaşar teams on this successful tender offer by Yaşar. This transaction demonstrates our strength in executing complex debt capital markets transactions and complements our strong Turkish market practice, which has recently included advising on bond issues by Koç Holding A.Ş. and Coca-Cola İçecek A.Ş."

In addition to Nick Hayday, the Dentons team consisted of London-based associate Moeen Qayum and trainee Gemma Dreelan. Turkish law advice was provided by Istanbul-based BASEAK Capital Markets partner Müfit Arapoğlu, along with associates Cenk Yılgör and Sena Mutlu.

Yaşar was advised by Baker McKenzie and Esin Attorney Partnership.

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