Power grid grab
Verbund and Sabanci are looking to finalise with Garanti, Yapi Kredi, Akbank, Isbank and Finansbank a bridge financing for their US$1.23bn bid for Ankara's EDAS power grid. The sponsors will make a January 20 payment of US$650m on their own but then have to pay the rest in two instalments, the first a year away, for which they wish to borrow. They hope the market will improve to allow a non-recourse refinancing.
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