Turkey's Yasar gets tenders for €103.23 million of Troy's 9½% notes

By Angela McDaniels

Tacoma, Wash., Oct. 7 - Yasar Holding AS received tenders for €103.23 million of the €179,289,000 outstanding 9½% loan participation notes due 2011 issued by Troy Capital SA, according to a company news release.

A tender offer for the notes began Sept. 16 and expired at noon ET on Sept. 28.

The settlement date is expected to be Oct. 11, after which €76,059,000 of the notes will remain outstanding.

The tender offer was conditioned on Yasar successfully entering into a loan agreement with Barclays Bank plc. This condition was satisfied on Oct. 7.

Yasar received a dollar-denominated loan from Barclays. Barclays then sub-participated this loan to Willow No. 2 (Ireland) plc, and Willow No. 2 sold new dollar-denominated secured passthrough notes in order to fund the purchase of the sub-participation in the loan.

In the tender offer, noteholders had the option to tender their notes for (i) purchase by Yasar for cash or (ii) purchase by Yasar for cash together with an equivalent allocation of the new notes. Holders who chose the former option will receive par in cash for their 9½% notes, and those who chose the latter option will receive 102% of par in cash.

The company will also pay accrued interest.

Notes purchased in the offer will be delivered to Troy Capital in exchange for a cancellation of the loan given by Troy Capital to Yasar.

The offer was not made in the United States or Italy.

The dealer manager was Barclays Bank plc (+44 0 20 7773 8990 or lm@barcap.com), and the tender agent was Lucid Issuer Services Ltd. (+44 0 20 7704 0880 or yasar@lucid-is.com, attention Lee Pellicci/Thomas Choquet).

Yasar is a conglomerate based in Izmir, Turkey. It has companies in the food and beverages; paint; agriculture, livestock and fisheries; trade and services; and tissue paper industries.

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