CMS Turkey, CMS Serbia and CMS Romania assisted Turkey’s DenizBank (the fifth-largest lender in Turkey) and Ziraat Bank (the second-biggest Turkish bank by total assets) in relation to the financing of the design and construction of two motorway projects in Serbia – the reconstruction of the Novi Pazar – Tutin section and the construction of the Sremska Rača – Kuzmin section and a bridge over the River Sava, as well as the design of the Požega – Kotroman section. The loan facilities amounting to approximately EUR 220 million will be extended to the Ministry of Construction, Transport and Infrastructure of the Republic of Serbia.
Following intensive negotiations that started in May 2019, the loan agreement was signed on 25 December 2019. CMS supported the banks throughout the whole process, assisting with the drafting of the loan agreement and participating in the negotiations with representatives of the Serbian Government.
“We are pleased to have had the opportunity to cooperate with our colleagues from CMS Romania and CMS Turkey in this significant project in Serbia and will continue providing the necessary support to Turkish DenizBank and Ziraat Bank in the coming period”, said Milica Popović, the Head of Banking and Finance at CMS Serbia.
The core transaction team consisted of Radivoje Petrikić, Managing Partner, Milica Popović, Partner, Ksenija Boreta, Senior Attorney (CMS Serbia); Döne Yalçın, Managing Partner, Alaz Eker Undar, Senior Attorney (CMS Turkey); Ana Radnev, Partner (CMS Romania).