Author: admin

Freshfields Bruckhaus Deringer has advised Credit Suisse Securities (Europe) Limited on the USD 200 million Rule 144A/Reg. S inaugural high-yield bond offering by the 4finance group, an online consumer loan provider headquartered in Latvia with operations throughout Central and Eastern Europe and Scandinavia.

The proceeds of the offering were used to repay existing notes issued by 4finance’s parent company, including through a tender offer. Freshfields also advised on the tender offer and a related consent solicitation.

The Freshfields team was led by London Capital Markets Partner Simone Bono. Fellow London Capital Markets Partner Duncan Kellaway advised on the tender offer. 

Commenting on the transaction, Simone said, “We believe that emerging markets issuers will increasingly consider high yield as an option to address their finance needs. We were pleased to support Credit Suisse on this series of transactions.”

Editorial note: Borenius has confirmed that it acted as Latvian, Finnish, and Lithuanian counsel to 4finance Group on this deal. Borenius Specialist Partner Edgars Lodzins from the firm’s Riga office coordinated the multi-office Borenius team and also advised on the Latvian law-related elements of the transaction, while Vilnius-based Partner Evaldas Valciukas led the team advising on Lithuanian law matters.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

Dentons has advised Lotos Petrobaltic in procuring almost EUR 430 million in financing for its B8 Oil Field Exploration Project in the Baltic Sea.

Dentons claims that “this is the first Central European exploration initiative in the project finance formula, and the first transaction involving Polish Investments for Development (PIR) under the ‘Polish Investments’ governmental program.” The firm describes the project as “one of the more complex project finance initiatives to be launched in Poland and the region in recent years.”

The contract for financing was executed by Lotos Petrobaltic, Polish Investments for Development (PIR), Bank Gospodarstwa Krajowego, and Bank Pekao on August 25, 2014. 

The PLN 1.8 billion project will be implemented by a special purpose vehicle set up by Lotos Petrobaltic. PIR will finance the investment out of its own funds (PLN 430 million), with the banks providing an additional PLN 660 million, and Lotos Petrobaltic will make an in-kind contribution of its oil extraction license and oil platform. According to Dentons, “the complicated financial project structure includes senior and mezzanine/second-lien financing as well as financing via bank guarantees.”

The B8 field has estimated reserves of 3.5 million tons of crude oil. Lotos Petrobaltic is expected to reach full capacity production at an estimated 250,000 tons of crude oil per year by the end of 2015. The crude oil will be processed by the Lotos oil refinery in Gdansk, and the extracted natural gas will feed the Wladoslawowo CHP plant.

Over 30 Dentons lawyers provided advice across a wide range of areas, most notably in banking, environmental, energy, tax, state aid, and public procurement laws, in a period extending over three years. The financial aspects of the transaction were supervised by Partners Mateusz Toczyski and Robert Dulewicz with the support of Senior Associate Michal Smiechowski and Counsel Krzysztof Kazmierczyk of the Finance and Banking Team. Mining and Environmental advice was provided by Counsel Ewa Rutkowska-Subocz and Senior Associate Agnieszka Skorupinska, while Partner Cezary Przygodzki provided Tax advice.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

Lavrynovych & Partners and the UBA’s Students League have announced the opening of the IV Scholarship Contest in Corporate Law.

The theme of the contest is “Adaptation of Ukrainian legislation in the sphere of joint-stock companies regulations regulation to the principles of European law.” Essays will be accepted from October 20 until November 10, with winners announced in December 2014. Only unpublished individual essays in English or Ukrainian will be considered.

Specific application requirements and details can be found on the Lavrynovych & Partners website.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

The Riga office of LAWIN has advised ABB on Latvian aspects — including business transfer, HR, commercial, and corporate issues — related to the acquisition of its Full Service business unit by Nordic Capital Fund VIII.

White & Case and Baker & McKenzie played lead roles in negotiating and executing the acquisition, which ultimately involved 28 different jurisdictions, with White & Case representing the ABB automation technology group, and Baker & McKenzie representing the purchaser Nordic Capital.

ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in 100 countries and employs about 145,000 people.The ABB Full Service business unit is a leader in industrial maintenance outsourcing services in Europe, with a particularly strong position in the Nordic region, and a global presence employing over 2,500 service professionals in 30 countries around the world.

The LAWIN team was led by Partner Filips Klavins and Associate Reinis Sokolovs.

Stockholm-based Partner Mats Sacklen led Baker & McKenzie’s team on the global deal, along with Partner Anders Fast. They were assisted by Senior Associate Jannan Crozier in the Firm’s London office, among many others.

The White & Case team was led by Helsinki-based Partner Timo Airisto. Airisto was assisted by Partners Janko Lindros, Alexandre Jaurett, Bertrand Liard, Nicholas Greenacre, and Peita Menon, and Associates Alli Soralahti, Joose Tolonen, Leo Catafau Castellet, Jean Paszkudzki, Sarah Taylor, David Nisbet, and Laura Hoyland, among many others.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

SORAINEN has announced that it is accepting applications on its website for the Latvian scholarship it provides for 2014/2015.

According to the firm, “The scholarship is designed for BA students (except first years) and MA students at the LU Faculty of Law. The scholarship amounts to EUR 3,000 for the academic year and its purpose is to support students of the LU Faculty of Law during their studies in order to increase their interest in research work in their chosen field of study.” The deadline for applicants is October 1, 2014.

The scholarship’s commission has six officials, including SORAINEN Partner Agris Repss.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

Vilau & Mitel is advising STRABAG in the acquisition of Bank of Cyprus assets related to Societatea Companiilor Hoteliere Grand (GHES), the owner of the JW Marriott Bucharest Grand Hotel.

According to the firm, the acquired assets were: (i) a facility agreement between GHES, as borrower, and Bank of Cyprus – Romania Branch, as lender; (ii) 1,474,482 shares issued by GHES to an affiliate of the Bank, representing 35,292% of the issued share capital of GHES; and (iii) a subordinated loan agreement between GHES, as borrower, and an affiliate of the Bank, as lender. The sale is subject to the fulfillment of various conditions and is expected to be finalized by the end of September 2014. 

The Vilau & Mitel team was coordinated on the M&A side by Partner Iuliana Dejescu, supported by Senior Associate Ana Maria Mincu and Associate Andrei Caloian. The Anti-trust team was led by Senior Partner Dragos Mihail Vilau, Senior Associate Catalina Ana, and Associate Ana-Maria Georgia.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

Dentons has announced that as part of its continued commitment to growth and investment in Ukraine, and to further support its clients doing business in and from Ukraine, a dedicated Ukraine Desk has been established at Dentons’ New York office.

Two Dentons’ Kyiv Partners, Myron Rabij and Markian Silecky, will serve as key points of contact in New York.

The goal of the Ukraine Desk is to provide timely, seasoned advice to companies and individuals with operations or interests in Ukraine and to assist outward Ukrainian investment and business into the US. With each Ukraine Desk partner having more than 20 years of Ukrainian/US experience, the team brings its Ukraine experience to the US doorstep and guides Ukrainian business to the right contacts at Dentons throughout the US.  

The Ukraine desk is backed by experienced teams in each jurisdiction; in Ukraine, where Dentons has a team of 28 lawyers (including eight partners) based in Kyiv since 1992, and in the US, where Dentons has more than 750 lawyers and professionals in all major cities across the country.  

In addition to offering the broadest range of legal services available in the US and Ukrainian markets, the firm’s clients also have instant access to the talent, skills and experience of its lawyers worldwide. Dentons’ clients now benefit from approximately 2,600 lawyers and professionals in more than 75 locations spanning 50-plus countries across Africa, Asia Pacific, Canada, Central Asia, Europe, the Middle East, Russia and CIS, the UK and the US.

This article is powered by our friends at UJBL. It was originally published here. 

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}

Akin Gump has advised the O1 Group investment company on the sale of shares in O1 Properties Limited by subsidiary Centimila to a leading international bank.

The total amount represents 12 percent of the total issued share capital of O1 Properties and is for a consideration of USD 200 million. The transaction consisted of two tranches; the second one closed on Friday, August 29, 2014.

Dmitry Mints, the Chairman of the Management Board of O1 Properties, said: “This deal is very important for our company, and we look forward to using our expanded capital base to reduce debt and continue our strategy of investing in premium office buildings in Moscow.”

Akin Gump also advised O1 Group on a related secured financing of USD 200 million, under which the lenders will receive part of any amount payable under the put option that is in excess of the initial purchase price.

The Akin Gump team was led by Moscow-based Corporate Partner Suren Gortsunyan and London-based Finance Partner Robert Aulsebrook. They were supported by a team of lawyers including Abu Dhabi-based Counsel Catriona McDevitt, London-based Associate Inderveer Hothi, and Moscow-based Associates Konstantin Mineev and Anna Kardash.

{simplepopup name=”000” cookie=”30″} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here. {/simplepopup}