Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised joint bookrunners BNP Paribas, Goldman Sachs, JP Morgan Securities, Deutsche Bank, Emirates NBD, MUFG Securities EMEA, PNC Capital Markets, and Bank of China (Europe) on the successful USD 800 million offering of 9.50% senior secured notes by WE Soda Holdings Investment.
WE Soda Holdings Investment is a wholly-owned subsidiary of WE Soda, a global player in the soda ash industry. According to Clifford Chance, this transaction represents WE Soda's inaugural capital markets offering, "the largest debut emerging markets high-yield transaction since 2021, the largest single-tranche offering by a corporate issuer with major operations in Turkey, and the largest offering in the EMEA chemicals sector since 2021."
The Ciftci team included Istanbul-based Partner Sait Eryilmaz, Senior Associate Ali Can Altiparmak, and Associates Pelinsu Demircan and Bilgesu Cakmak, while Clifford Chance fielded a Lond-based team led by Partner Michael Dakin.
The firms did not respond to our inquiry on the matter.