Izmir Adnan Menderes Airport

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In January 2006, Turkish Airport Operator Tepe Akfen Ventures (TAV) secured a $ 132.75 million (113 million Euro) from Turkish bank Vakifbank and German bank West-LB to finance the construction of an international terminal at the Izmir Adnan Menderes Airport. Under the terms of the Build-Operate-Transfer (BOT) contract, the consortium company TAV took over the operations at the airport for 7 years and 4 months. The project had a 5 year loan re-payment period with an interest rate of LIBOR+ 0.3%. The total project cost was estimated $146 million (125 million Euro). On September 9, 2006, the new international terminal building was launched. Its capacity was 5 million passengers. The new terminal had 4 check-in islands, 34 lifts and 10 aircraft boarding bridges. Its parking lot had a capacity of 2237 vehicles. In December 2011, TAV signed a new concession agreement to operate the international and domestic terminals of the airport until 2032. TAV won the tender for this concession by beating rival offers from two other consortia Frapor/IC Ictas Holding and Limak/GMR Infrastructure, with an offer of US$821 million (610 million euro)and a commitment to invest US$ 324.6 million (250 million euros) in the construction of a new domestic terminal. As a result of the contract TAV established TAV Ege Terminal Yatirim Yapin ve Isletme, as the company to operate the airpot. In December 2012, TAV Airports signed a deal with five banks to borrow US$324 million(250 million euro) for the construction of the new terminal at Izmir Adnan Menderes Airport. The debt was provided as follows: EBRD provided a US$90.7 million (70 million euro) A-loan, and a US$97.2(75 million euro)B-loan with UniCredit participating with US$51.84(40million euro) and Siemens Bank participating with US$38.16 million(35 million); DenizBank provided a US$84.2million (65 million euro) loan and Black Sea Development Bank provided a US$51.8 million (49 million euro). Private debt funding field= EBRD B loan (provided by private banks) and DenizBank's loan