VakifBank and VB DPR Finance Company’s $1.75 Billion Secured Notes Offering

Kramer Levin acted as counsel to VakifBank and VB DPR Finance Company in the transaction.

VakifBank and VB DPR Finance Company executed the issuance of $1.75 billion of secured notes backed by diversified payment rights sold in a future-flow securitization structure. The notes were issued in seven different tranches.  The notes were rated by Fitch. The transaction closed on March 22, 2021.

VakifBank is publicly traded on the Istanbul Stock Exchange and is Turkey’s third-largest bank.

The Kramer Levin team included Securitization partners Laurence Pettit (Picture) and associate Maria Kondyli; Derivatives partner Fabien Carruzzo and associates Daniel King and Linda Sharkey; and Tax partner Barry Herzog and associate Rita Celebrezze D’Souza.

Involved fees earner: Fabien Carruzzo – Kramer Levin Naftalis & Frankel; Rita Celebrezze D’Souza – Kramer Levin Naftalis & Frankel; Barry Herzog – Kramer Levin Naftalis & Frankel; Daniel King – Kramer Levin Naftalis & Frankel; Maria Kondyli – Kramer Levin Naftalis & Frankel; Laurence Pettit – Kramer Levin Naftalis & Frankel; Linda Sharkey – White & Case;

Law Firms: Kramer Levin Naftalis & Frankel; White & Case;

Clients: VakifBank ;

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Author: Martina Bellini