Clifford Capital, the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) have invested in the US$450 million bond offering by Turkey's Mersin International Port.

Clifford Capital has invested US$79.5 million, the EBRD invested US$ 79.5 million and the IFC US$66 million.

The seven-year senior unsecured bond is aimed at refinancing an existing project finance term loan and has been provisionally rated Investment Grade by Moody's and Fitch.

Citi, DBS and UniCredit have priced the bond refinancing for Mersin Uluslararasi Liman Isletmeciligi, the project company for Mersin International Port (MIP).

MIP is a special purpose company, established by the International Port of Singapore Authority (PSA) and Akfen Holding A.S., as the concessionaire for the port of Mersin. MIP was awarded a 36-year concession by the Turkish authorities to develop and operate Mersin Port on 11 May 2007, following a competitive tender process.  

This is the first transaction of Clifford Capital supporting a Singapore-based sponsor.

Clifford Capital is a specialist finance company set up to assist Singapore-based companies in their overseas ventures. Its shareholders include DBS, Standard Chartered, Sumitomo Mitsui Banking Corp, Manulife, Prudential, and Temasek Holdings.

Sources: IFC & EBRD