CDB contributes $125 million to $500 million syndicated loan to Kazancı Holding for various hydroelectric power plants

On February 26, 2013, China Development Bank (CDB) contributed an estimated $125 million to a $500 million syndicated loan agreement (“the Old Loan”) with Kazancı Holding A.Ş. to support various hydroelectric power plants. Kazancı Holding A.Ş., being the Parent Company of Aksa Enerji, secured the $500 million long term credit facility arranged by Goldman Sachs International, China Development Bank, Türkiye Garanti Bankası A.Ş.(“Garanti Bankası”) and Türkiye İş Bankası A.Ş. (“İş Bankası”). 68.86% of the issued capital of Aksa Enerji was pledged as security of the credit facility to Garanti Bankası acting as Security Agent. Then, under the leadership of Garanti Bank and İşbank, a new $800 million loan agreement (“the New Loan”) was signed between the consortium consisting T.C. Ziraat Bankası A.Ş., Türkiye Halk Bankası A.Ş., Türkiye Vakıflar Bankası T.A.O., Odea Bank A.Ş. ve Türkiye Sınai Kalkınma Bankası A.Ş. and Kazancı Holding and Aksa Doğal Gaz Dağıtım A.Ş. on August 2, 2016. With this New Loan, the above-mentioned Old Loan was fully repaid and the Aksa Energy shares owned by Kazancı Holding, which were pledged as a source of collateral, became free. In addition to these liberalized shares belonging to the Kazancı Holding, representing 61.98% capital shares of Aksa Energy which is owned by Kazancı Holding and is 9.74% shares of Kazancı Holding, was pledged to be a guarantee for the New Loan, to the Guarantee Representative Türkiye İş Bankası A.Ş. by Kazancı Holding. In addition, Aksa Energy shares representing 16.62% of the capital that Kazancı Holding bought back from Goldman Sachs International were pledged to İşbank by Kazancı Holding to provide additional security for the New Loan.

Additional details

1. The size of CDB’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions ($125 million) across the four known members of the syndicate.

Number of official sources

1

Number of total sources

7