Altinyildiz Closes $20MM Senior Secured and Guaranteed Loan from Kirkoswald

Altinyildiz, a Turkish textiles exporter and Boyner Group company, closed a $20 million senior secured loan from Kirkoswald Private Credit, the private credit business of Kirkoswald. The five-year final maturity and guaranteed loan is the first offshore private credit loan Altinyildiz has secured in its more than 70-year history. Proceeds from the loan will be used for refinancing and working capital purposes, as the company looks to purchase new energy efficient textile machinery to expand its growing export and uniforms business._x000D_
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“We are excited to partner with Kirkoswald Private Credit, a world-class credit investor, as we diversify our US$ funding sources and extend the maturity of our borrowings,” Cem Boyner, chairman of the board and CEO of Boyner Group, said. “The loan comes at an exciting time for Boyner Group, and we look forward to working with a new and diversified credit provider.”_x000D_
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“We are proud to announce the execution of the inaugural transaction in the Kirkoswald Private Credit Fund,” Joseph Mauro, president of Kirkoswald, said. “It represents the culmination of decades of experience, months of extensive diligence since the team arrived at the firm late last year and the institutional commitment to Emerging Markets Private Credit. We look forward to building on this transaction’s momentum as we work toward becoming the global leader in this space.”_x000D_
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“We’re thrilled to extend our first private credit loan to Altinyildiz, a Boyner Group portfolio company, in support of the manufacturing sector revitalization and the private credit industry growth in Turkey,” Alex von Sponeck and Simon Watt, co-portfolio managers of Kirkoswald Private Credit, said. “Our familiarity with Boyner Group, coupled with the firm’s strong reputation made this an attractive opportunity for Kirkoswald. We look forward to our continued lending relationship.”_x000D_
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“Closing this landmark US$ financing in record time amid a challenging domestic financing environment demonstrates the hard work of our advisors, Credia Partners and Kirkoswald Private Credit in achieving a successful outcome,” Ozgur Tokgoz Altun, chief financial officer of Boyner Group, said.