Bandirma Port

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In May 2008 Bandirma Port was awarded under a 36 year concession contract to Celebi-led consortium. The port, was operated by state-run railway company TCDD and located on the south coast of the Marmara region, the most industrialised zone in the country. Celebi-led consortium won the project through competitive tender by oferring US$175.5 million for the right to operate the port under the 36 concession contract. According to the tender terms, the concessionaire was to pay 50% of the offer upfront (at the signing of the contract), 25% within one year of signing the contact, and the rest within two years. The tender was subject to the approvals of the competition board and the Council of State (supreme administrative court). As of Mar 31, 2010, the Council of State made its decision and the privatization administration had invited Celebi Ventures to sign the contract. The project reached financial closure in June 2010 when a US$156.7 million, 14 year loan was granted to the sponsors for financing the payment of the concession fees and port operations. The banks providing the finance were Unicredit and Yapi Kredi Bankasi.