White & Case and its Turkish affiliate law firm GKC Partners have advised Morgan Stanley as the bookrunner on the Rule 144A/Reg S debut Eurobond issuance by GDZ Elektrik. Unsal advised GDZ Elektrik.
GDZ is Turkiye’s fourth-largest electricity distribution network and the exclusive operator in the Izmir and Manisa regions. Its principal shareholder, Aydem Holding, is an integrated energy group.
According to White & Case, the issuance, comprising an initial USD 400 million offering followed by a USD 119 million tap issuance consolidated into a single series, totals USD 519 million. The unsecured senior notes, due in 2029, are listed on Euronext Dublin.
In 2024, GKC Partners advised on Gdz Elektrik's USD 400 million issuance (as reported by CEE Legal Matters on December 4, 2024).
The White & Case team in London included Partner Richard Pogrel and Associates Hashim Eltumi and Jack Adachi.
The GKC Partners team included Partner Ates Turnaoglu, Counsel Derin Altan, and Associate Muhammed Asula.
The Unsal team included Managing Partner Furkan Unsal, Partners Sait Baha Erol and Omer Faruk Senol, Senior Associate Ahmet Erturk, and Associate Zeynep Yurttutmus.
