Allen & Overy has advised Ceska Sporitelna as sole lead manager, fiscal and paying, listing and security agent, in relation to the CZK 600 million (EUR 22 million) standalone secured and guaranteed Czech (domestic) bond issuance by MCI Venture Projects, an SPV of MCI.EuroVentures 1.0 fund guaranteed by Poland’s MCI Capital. Dubinski Fabrycki Jelenski & Partners advised MCI Capital on Polish law aspects of the bond issuance.
According to an Allen & Overy press release, “it is the first time that the capital for the purpose of new investments in MCI.EuroVentures 1.0’s companies was raised outside Poland.” In addition, the firm describes it as “the first-ever issuance of Czech law governed domestic bonds under a prospectus and subject to terms and conditions approved by the Czech National Bank which involved a cross-border security and guarantee package provided to investors in the bonds. The transaction was also the first deal ever to have used the parallel debt concept in the Czech law governed terms and conditions of the bonds, something which was instrumental for the relevant security to work in the context of other relevant laws.”
Wojciech Marcinczyk, Vice-President of the Board at MCI Capital said: “The successful process of bond issuing in the Czech Republic is proof that MCI is a trustworthy brand. We continue our interest in that form of fundraising, along with active sales of investment certificates as well as acquiring equity from the stock exchange.”
Allen & Overy Partner Vaclav Valvoda led the firm’s team, assisted by Senior Associates Silvie Horackova and Petr Vybiral, who coordinated the transaction alongside colleagues from A&O Poland and Turkey, and junior lawyers Tomas Kafka and Martin Bytcanek.
Reflecting on the transaction, Valvoda said: “We were delighted to assist Ceska Sporitelna and MCI Capital with this innovative fundraising, as we aim for market firsts and cross border market firsts in particular.”