Bloomberg News

Limak of Turkey Gets $425 Million Loan to Buy Iskenderun Port

December 30, 2011

Dec. 30 (Bloomberg) -- Limak Holding AS of Turkey purchased the port of Iskenderun from the government for $372 million after obtaining a $425 million loan.

The Ankara-based company, which has construction, energy and airport interests, got the 13 1/2-year loan from six banks and made the payment to the government’s asset sales agency today, it said in an e-mailed statement.

Limak said it will use the rest of the loan to build container capacity of 1.3 million twenty-foot equivalent units, or TEUs, at the port, on Turkey’s eastern Mediterranean coast.

The country’s antitrust regulator has approved the sale of operating rights at Iskenderun to Limak for a period of 36 years.

--Editors: Alan Purkiss, Reed Landberg

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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