Debt shifts to holdco in Yildiz restructuring

Turkey PA 230 x150
By Michael Turner
14 May 2018

Details have emerged on the jumbo loan restructuring process for Turkey’s Yildiz Holding, with a spate of the company’s subsidiaries refinancing debt totalling $535.7m with the holdco’s creditors, while simultaneously shifting liabilities upwards in the capital structure.

Subsidiaries of Ulker Biscuits, food company Kerevitas, private equity firm Gözde Venture and cash and carry company Bizim Toptan have refinanced cash loans totalling $422.6m and non-cash loans — made up of products like bank guarantees and written commitments — of $113.1m. The process was syndicated.

Kerevitas ...

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