Category: Greece

Bernitsas Law has advised CVC Capital Partners on the acquisition by Venetiko Holdings SMSA, a Greek company that is 100% owned by funds managed or advised by CVC, of an approximately 99.47% stake in Vivartia Holdings from the Marfin Investment Group and Piraeus Bank, as well as on the financial restructuring of Vivartia’s group bank debt.

According to Bernitsas, the deal closed on March 30, 2021.

CVC is a private equity fund with more than USD 117.8 billion in assets under management, USD 161.9 billion committed, and a global network of 23 offices across Europe, the Americas, and the Asia Pacific region.

Vivartia is an Athens-based producer of dairy products, drinks, frozen foods, food service, and entertainment industries.

Bernitsas Law’s team included Partners Nikos Papachristopoulos, Athanasia Tsene, and Marina Androulakakis, and Senior Associates Sofia Kontou and Christina Zakopoulou.

Bernitsas Law has advised Citigroup Global Market Limited on the placement of 3.86% of Jumbo SA’s shares in in an accelerated book-building process. Koutalidis advised the unspecified seller on the deal.

Citigroup Global Market Limited is Citigroup’s international broker-dealer providing institutional brokerage services.

Jumbo is a Greek retailer of toys, stationary, home products, and seasonal items.

Bernitsas Law’s team was helmed by Partner Nikos Papachristopoulos.

Koutalidis’s team was led by Managing Partner Nikos Koritsas.

Souriadakis Tsibris has assisted Mytilineos S.A. with its successful application for permission to use Flash Notes to publish its preliminary financial results, making it the first Greek issuer to do so.

According to Souriadakis Tsibris, “this practice consists of the early publication of key elements of the financial statements before the due date for the publication of the formal yearly or six-months financial report.” According to the firm, “today, investors in Greece do not have any indication on the financial performance of an issuer for the previous year or six-month period, until the publication of the full financial report required under the Transparency Directive, usually several months after the lapse of the respective period. The newly launched practice enables investors to get a clear picture of the financial performance of that issuer weeks or even months before such formal reports are revealed, thus promoting market transparency and integrity.”

To obtain permission for the new practice, Mytilineos, supported by Souriadakis Tsibris, went through a consultation process with the Hellenic Capital Market Commission and obtained its permission to proceed.

Zepos & Yannopoulos and Clifford Chance have advised the Piraeus Bank on its entrance into an agreement with Christofferson, Robb & Company for the synthetic securitization of the bank’s EUR 1.4 billion performing SME and corporate loans portfolio. Souriadakis Tsibris and Simmons & Simmons advised CRC.

The deal is contingent on regulatory approvals and is expected to close in the second quarter of 2021.

Christofferson, Robb & Company is a US-based private money management company that invests in global credit markets.

According to Zepos & Yannopoulos, “as a result of the transaction, the Piraeus Bank will reduce its risk weighted assets by circa EUR 0.8 billion and thus release circa EUR 0.1 billion of regulatory capital.”

The Zepos & Yannopoulos team included Partner Christina Papanikolopoulou and Senior Associate Paris Tzoumas, among others.

Souriadakis Tsibris’s team consisted of Partner Giannis Koumettis and Associate Chara Kora.

Zepos & Yannopoulos has advised PPC S.A., the largest generator and supplier of electricity in Greece, on its inaugural international offering of EUR 650 million 3.875% sustainability-linked senior notes due 2026.

HSBC Continental Europe S.A. and Goldman Sachs Bank Europe SE acted as joint global coordinators and physical bookrunners, Citigroup Global Markets Europe AG acted as joint global coordinator and joint bookrunner, and Alpha Bank S.A., Ambrosia Capital Ltd, AXIA Ventures Group Limited, Credit Suisse Securities, Sociedad de Valores, S.A., Eurobank S.A., J.P. Morgan AG, National Bank of Greece S.A., and Piraeus Bank S.A. acted as joint bookrunners. HSBC Continental Europe S.A. also acted as sustainability-linked bond structuring advisor.

According to Zeya, “the transaction, an offering in reliance on Regulation S under the US Securities Act, records two market firsts, both in terms of structure, being the first direct issuance by a Greek company to the international capital markets, and in terms of product, being the first sustainability-linked instrument offered by a Greek company. The notes are linked to sustainability goals and promote PPC’s constant efforts for the improvement of its economic, environmental and social impact.” 

Zepos & Yannopoulos’s team was led by Partner Kely Pesketzi and Senior Associate Efthymis Naoumis and included Partners Elena Papachristou, Sofia Chatzigiannidou, Maria Zoupa, and Daphne Cozonis, and Senior Associate Ioanna Tapeinou.

Zepos & Yannopoulos did not reply to our inquiry on the matter.

Kyriakides Georgopoulos has advised the US private equity firm Drew International on its acquisition of Flow Water Technologies’ drinking water and disinfection business in Cyprus.

Kyriakides Georgopoulos’s team was led by Partner Theodore Rakintzis.

Kyriakides Georgopoulos did not reply to our inquiry on the matter.

Koutalidis has advised Alpha Bank S.A. on its second consecutive EUR 500 million Tier 2 bond issuance.

According to Koutalidis, “the issuance is of particular significance, as it accelerates the optimization of the bank’s capital structure. Furthermore, it represents a key milestone in the implementation of the bank’s broader strategic plan. The Tier 2 bond, listed on the Luxembourg Stock Exchange – EuroMTF Market, has a 10.25-year maturity and is callable anytime between year 5 and year 5.25 with a coupon of 5.5%.”

Koutalidis did not reply to our inquiry on the matter.

Dracopoulos and Vassalakis has advised Quant on its entrance into a long-term servicing agreement with the Pancreta Bank for a EUR 670 million non-performing corporate and SME loan portfolio.

According to the firm, the loans are secured by real estate located mainly in Crete, Greece.

Quant, a part of the Qualco Group, is a Greek independent loan and credit claims servicing company, with more than EUR 12 billion in assets under management.

Dracopoulos and Vassalakis did not reply to an inquiry about the deal.

The KLC Law Firm has advised National Energy on its acquisition of a 70 megawatt portfolio of wind and solar parks in Greece from the IBG Hellenic Fund III and minority shareholders. The Piraeus Bank provided financing for the acquisition. Seissoglou & Nicolaidis advised the sellers and the Lambadarios Law Firm advised the bank.

National Energy is a London-based privately funded investor in the renewable energy sector. The company currently owns a 275 megawatt portfolio in Greece.

The IBG Hellenic Fund III is managed by Hellenic Capital Partners, an independent venture capital and private equity management firm. HCP currently has more than EUR 110 million in assets under management.

KLC’s team included Managing Partner Panagiotis Tzioumas and Partners Alexandros Tsirigos and Ioanna Lazaridou.

The Seissoglou & Nicolaidis team consisted of Partner Manos Seissoglou, Senior Associate Eleni Fragiadaki, and Junior Associate Eirini Zervidi.

Lambadarios’s team included Partners Yannis Kourniotis and Prokopis Dimitriadis, among others.

Dracopoulos and Vassalakis, working with Your Legal Partners, has advised Greece’s Piraeus Bank on its sale of 30% of the mezzanine notes of its securitized Vega non-performing loans to Intrum AB.

Intrum AB is a Stockholm-based provider of credit management services. The company was founded in 1923 and is currently present in 25 countries in Europe and South America.

The Vega portfolio consists of three special purpose vehicles, namely Vega I NPL Finance DAC, Vega II NPL Finance DAC, and Vega III NPL Finance DAC, with a total gross book value of approximately EUR 4.9 billion.

According to Dracopoulos and Vassalakis, “the bank has applied for the provision of a guarantee by the Greek State on the senior notes of circa EUR 1.4 billion [as a part of the] Hercules Asset Protection Scheme, pursuant to the Law 4649/2019.”

Dracopoulos and Vassalakis did not reply to an inquiry about the deal.