Kramer Levin Advises VakifBank and VB DPR Finance Company in Issuance of $1.75 Billion of Secured Notes

Category: Defining Matters
Date: April 16, 2021
Title: Kramer Levin Advises VakifBank and VB DPR Finance Company in Issuance of $1.75 Billion of Secured Notes

Kramer Levin acted as counsel to VakifBank and VB DPR Finance Company in the issuance of $1.75 billion of secured notes backed by diversified payment rights sold by VakifBank to VB DPR Finance Company in a future-flow securitization structure. The notes were issued in seven different tranches. The notes were rated by Fitch. The transaction closed on March 22, 2021. VakifBank is publicly traded on the Istanbul Stock Exchange and is Turkey’s third-largest bank.

The Kramer Levin team included Securitization partners Laurence Pettit and associate Maria Kondyli; Derivatives partner Fabien Carruzzo and associates Daniel King and Linda Sharkey; and Tax partner Barry Herzog and associate Rita Celebrezze D’Souza.