Mersin Port Management, Inc. (MIP), has signed its first bond issue done by an infrastructure company in Turkey. Mediated by Citibank, Development Bank of Singapore and Unicredit AG; the bond issue that graded as BBB- investment grade level rate by Moody’s and Baa3 by Fitch was successfully completed on August 12, 2013 and $ 450 million cash was provided to the company. The cash provided by the bond issue refinanced the first finance loan which was taken in the first privatization period and extended the company’s average debt maturity. Simplifying financing conditions improved the short- term liquidity and brought financial and operational flexibility to the company.
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