As anchor investor, IFC helped MIP successfully complete the issuance with a credit rating higher than that of the sovereign rating.
The IFC investment aims to help sustain critical transport infrastructure, as well as build a more resilient financial system by deepening capital markets to diversify sources of long-term financing for Turkish companies.
The bond’s proceeds will be used to refinance MIP’s existing $450 million Eurobond—issued in 2013 and maturing in August 2020—and for essential corporate expenditure.
The refinancing will help MIP sustain its high-quality port services, contributing to Turkey’s economic growth.
Also, this will allow the company to launch its capital expenditure program planned for the next five years, aimed at addressing growing container traffic and the shipping industry’s move towards bigger vessels and demand for better services.
Arnaud Dupoizat, IFC’s Country Manager for Turkey said, “IFC’s investment in the MIP bond is an important demonstration of IFC’s strategy in Turkey, as it focuses on increasing Turkey’s competitiveness and connectivity through improvements in critical transport infrastructure that facilitates export-oriented growth and greater presence in global value chains”.