Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), a branch of ING-DiBA AG, as lender, facility agent, and mandated lead arranger on a circa €19m multi-tranche loan facility to Borusan Mannesmann Boru. San. Ve. Tic. A.Ş, a member of the Borusan group for the financing of construction materials and services from Austrian exporters to be used in steel production plants located in Gemlik and Halkalı, Turkey. The facility received credit support from Oesterreichische Kontrolbank AG, the Austrian export credit agency.
The WFW Paris team advising ING was led by Finance Partner Alexia Russell,supported by Associate Parit Patani and Trainee Jacob Southgate. Turkish law advice was provided by Partner Sinan Senol of Turkish law firm Erçin Bilgin Bektaşoğlu.
Alexia commented: “We are delighted to have advised ING on this financing which demonstrates the growing interest in Turkey and that region and to use our unrivalled experience in export financings to close this matter to the satisfaction of all involved. We look forward to continuing to build our relationship with ING and continuing to work together in this sector in the future”.
Lukas Strauch, a Director in the Structured Export Finance team at ING Frankfurt added: “We are very pleased that we could successfully close this ECA covered transaction with legal advice obtained from Watson Farley & Williams and we are looking forward to our further cooperation”.