London—Dentons has advised Koç Holding A.Ş. (Koç Holding), Turkey's largest holding company, on its issue of US$750 million 6.500 per cent Notes due 2025 (Rule 144A/Regulation S). Dentons acted as English, United States and Turkish counsel to Koç Holding. This is the third major capital markets transaction involving a Turkish business on which the Dentons Capital Markets team has advised since 2017, following the issue of US$500 million 4.215 per cent Notes due 2024 (Rule 144A/Regulation S) by Coca-Cola Içecek Anonim Şirketi, and the initial public offering and premium listing on the London Stock Exchange of DP Eurasia N.V., the first such premium listing by a Turkish business.

Koç Holding is the largest holding company in Turkey and the largest industrial and services group in terms of revenues, exports, employees and market capitalisation on Borsa İstanbul. It is the only Turkish company consistently ranked among the world's top 500 companies, according to the 2018 Fortune Global 500 rankings. Koç Holding 's total combined revenues corresponded to 7 per cent of Turkey's GDP in 2017, and its combined exports accounted for as much as 10 per cent. of Turkey's total exports in 2018, according to Turkstat and Company data. Koç Holding had a market capitalisation of TL 36.0 billion (approximately US$6.6 billion) as of 31 December 2018.

Koç Holding operates principally in the energy, automotive, consumer durables and finance sectors. Koç group businesses include Tüpraş-Türkiye Petrol Rafinerileri A.Ş., the largest oil refiner in Turkey; Aygaz A.Ş. Turkey's leading LPG distributor; Ford Otomotiv San. A.Ş., a joint venture with Ford Motor Company; Tofaş Türk Otomobil Fabrikası A.Ş., a joint venture with FCA Italy S.p.A; Arçelik A.Ş., a leading producer of white goods and consumer electronics, and the second largest such producer in Europe by unit volume; and Yapı ve Kredi Bankası A.Ş., a joint venture with Unicredit Bank and the third largest private bank in Turkey.

London-based US Securities partner Cameron Half said, "This transaction is a further example of Dentons' ability to deliver coordinated cross-border advice to leading global clients. It demonstrates the strength of our international capital markets offering, and, together with our advice to CCI on its Eurobond issue and DP Eurasia on its IPO, our leadership in advising on international transactions by Turkish businesses."

David Cohen, who heads the London Debt Capital Markets team, added, "Koç Holding is an extremely prestigious client, and we were delighted to advise the company on such a high-profile transaction."

Debt capital markets partner David Cohen and US securities partner Cameron Half led the matter from London, working with US Securities associate Nicolò Ascione and Capital Markets associate Kathryn Finch. Capital Markets partner Müfit Arapoğlu from Balcıoğlu Selçuk Akman Keki Attorney Partnership, the Istanbul-based law firm that cooperates with Dentons, led on Turkish law matters, together with associates Cenk Yılgör, Canberk Varis, Sena Mutlu and Erkin Tuzcular. Partner Peter Feldman, in Washington, D.C., provided US sanctions advice, and partner Jon T. Hutchens, based in New York, led US tax advice.

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