EUR 102.91 For Business Accounts Only

YILDIZ HOLDING MEETING HIGHLIGHTS (ULKER, SOKM)

Yildiz Holding syndication details: It was explained that the syndication loan was aimed at combining 450 different loans of the Group companies under Yildiz Holding. In other words, Yildiz Holding is the sole borrower and provided its stakes in companies and real estate as collateral. The deal was signed on April 12, 2018, under the leadership of Yapi Kredi Bank with a consortium of a large number of banks. The process was completed as of June 8, 2018. The size was US$4.3bn, 60% of which was in TL and 40% in US$. This is an 8-year facility, with a grace period of 4 years where the interest rates are fixed in the first 4 years. The cost is 17.7% for the TL portion of the debt and 6.8% for the USD portion of the debt. It was explained that Akbank is not part of the syndication as yet but a separate protocol is to be signed, which would raise the total size of the loan to US$5bn. When Akbank is included, 70% of the debt would in TL and 30% in US$. We note that group company Sok Marketler repaid its debt of TL1.8bn after the completion of its IPO in May 2018.