USD 482m financing package for Istanbul Electricity, Tramway and Tunnel Administration
Acting as Sole Mandated Lead Arranger and ECA-Agent (export credit agency), BU Global Origination Istanbul and Export Finance, Düsseldorf jointly structured a USD 482m financing in infrastructure sector for Istanbul Electricity, Tramway and Tunnel Administration (“IETT”). The financing package, consisting of a long term USD 175m EULER HERMES, Germany* covered loan and a long term USD 307m commercial loan is guaranteed by the Greater Metropolitan Municipality of Istanbul. The funds will be used for the purchase, construction and installation of electro-mechanical systems of the new Light Rail Transportation System for the Kirazli-Basak Houses/Olympic Village Metro Line.
The transaction represents the largest financing arranged in the municipality sector in Turkey and the largest financing in the history of WestLB Istanbul in the corporate sector. With the financial close of this benchmark transaction, WestLB could again prove its expertise in structuring complex financing packages.
* Euler Hermes Kreditversicherungs AG is market leader in credit insurances; Reinsurance by the national Export Credit Agencies of Sweden (EKN-Swedish Export Credits Guarantee Board) and Switzerland (SERV-Schweizerische Exportrisikoversicherung).