TAV Infrastructure Finance Deal of the Year Award

The debt restructuring of TAV Airports in Tunisia was selected as the infrastructure finance deal of the year by Bonds & Loans Turkey.

Turkey's leading brand in airport operations, TAV Airports was deemed worthy of an award at the seventh Bonds & Loans Turkey Awards. The awards were given to their owners during the Bonds, Loans & Sukuk Turkey 2021 conference held in Shangri-la Bosphorus Istanbul. TAV Airports Finance Group President (CFO) Burcu Geriş spoke at the panel held on debt restructuring and postponement in Turkey at the conference that brought together the representatives of the finance and banking sector and the finance managers of Turkey's leading companies.

TAV Airports Finance Group President (CFO) Burcu Geriş said, “We successfully concluded debt restructuring negotiations in February 2021 in Tunisia, where we operate two airports. During the process, we realized a successful transaction, especially with the devoted efforts and support of our creditors, Tunisia Airport Authority and all stakeholders. As a result of the restructuring, TAV Tunisia's bank debt decreased from 2020 million Euros to 371 million Euros as of the third quarter of 233,6, thus our TAV Tunisia company has a sustainable debt structure. Based on this transaction, we recorded a one-off revenue of 109 million Euros. We are happy to have successfully completed this challenging agreement, which reveals the common benefit of all parties, and to receive an award. I would like to thank all my teammates, consultants and creditors working on the project”

TAV Airports Project and Corporate Finance Coordinator Emre Mutlu said, “The TAV Tunisia debt restructuring transaction was an exemplary project with its financing structure. Although we faced various difficulties during the process, we successfully closed the transaction in February 2021 by maintaining our healthy, constructive and problem-solving communication with the creditors and related parties. We are also delighted that this transaction was deemed worthy of the infrastructure project of the year award by Bond&Loans. I would like to thank all my teammates, creditors and consultants who contributed to the project.”

Prior to the debt restructuring in February 2021, TAV restructured the terms of the concession agreement with the Tunisian government in November 2019. TAV Airports has the right to operate Enfidha and Monastir airports in Tunisia until 2047. The two airports served a total of 2019 million passengers in 3.