Deals

Completion Date
March 2010

Transaction Type
Project Finance

Transaction Value
€30 million

Lead Partner
Tulay Kaya
Telephone +90 212 370 60 60

Background
Daruma Corporate Finance acted as sole advisor to Gülsan Sentetik in arranging €30.0 million senior debt for financing new non-woven investment in Turkey. Established in 1976, Gulsan operates in the Gaziantep Organized Industrial Site as the leading producer of polypropylene (PP) sacks; PP BCF (Bulk continuous filament yarn) yarn used in carpet production and spunbond non-woven used in the production of disposable baby diapers and feminine hygiene products. Gulsan ranked 161st largest industrial company of Turkey in 2008 according to the “Turkey's Top 500 Industrial Enterprises” survey conducted by Istanbul Chamber of Industry.

What Difference Did We Make?
Our strong business relationships with Gülsan Sentetik went to 2003. For the last 6 years, we provided debt advisory services to Gülsan for arranging long-term senior debt merely based on corporate risk basis structure. Including the latest transaction, we worked with Gülsan Sentetik for arranging a total of €60.5 million in 3 different loans. The 1st loan was the financing capacity expansion investment in PP BCF line (€14.3 million), 2nd loan was the financing of non-woven production line (€16.2 million) and the lates loan was again the financing of non-woven line (€30.0 million).