Harneys advises BVI company on US$1.3 billion transaction

Harneys successfully closed a recent refinancing and corporate reorganisation for BVI company Sermaye Investments Limited (SIL), which holds the shares of SOCAR Turkey Enerji A.S. (STEAS). Both are subsidiaries of the State Oil Company of the Azerbaijan Republic (SOCAR). STEAS was established to implement investment projects in the oil refining, petrochemical sectors and trade in natural gas in Turkey.

The transaction involved the repayment of a US$1.3 billion loan from Goldman Sachs International (GSI), the acquisition of shares by SIL from GSI, and a corporate restructuring and refinancing with a new US$1.3 billion secured debt from a portfolio of lenders.

Harneys acted on instructions from Vinson & Elkins in London, and the team was led by Partner George Weston with assistance from Associate Melissa Thomas.

George commented: “This was a complex transaction, showcasing our corporate and finance expertise and we are delighted to have closed it within a tight timeframe.”

The Corporate team at Harneys excels at complex cross-border transactions involving BVI, Cayman Islands, Luxembourg and Cyprus vehicles. The firm’s significant track record includes complex mega-deals, high value private equity transactions, landmark IPOs and the full spectrum of public and private M&A and joint ventures.