Bloomberg News

Moelis to Advise Turkey’s Yuksel Insaat on Debt Restructuring

November 18, 2013

Yuksel Insaat AS, a builder with Turkey’s highest-yielding dollar-denominated debt, hired Moelis & Co. to advise on restructuring its $200 million bond due 2015.

Cadwalader, Wickersham & Taft LLP (1168L:US) was also appointed as a legal adviser as the company works on its “broader capital structure,” Ankara-based Yuksel said on its website today.

Yuksel plans to cut its liabilities, which also include $254.4 million of bank debt, by selling $24 million of assets in the first quarter of 2014. The company will receive $173 million in December after last month selling its stake in a highway construction project and a hydro power plant.

“The company’s restructuring will most likely be through its existing bonds due 2015,” Ugursel Onder, a corporate bond adviser at Is Investment, said in a telephone interview. “The successful asset sales will have a positive impact on the company’s indebtedness and liquidity position going forward.”

Yuksel has seven new projects signed since May in Saudi Arabia, Qatar and Afghanistan valued at about $440 million, the company said, and is “well-positioned on several additional projects that will be announced over the coming months.”

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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