BOYANOV & Co. is Advising on the Biggest Deal in Bulgaria

BOYANOV & Co. currently works on the biggest deal in Bulgaria – the concession award procedure for Sofia Airport.

NNDKP at the Corporate Debt Financing for Romanian Entrepreneurs Workshop

On Tuesday, 23 October 2018, NNDKP was a partner at the workshop “Corporate Debt Financing for Romanian Entrepreneurs”, organised by Cornerstone Communications. NNDKP Partners Alina Radu and Valentin Voinescu were invited as speakers and talked about the legal and practical considerations regarding corporate bonds.

Sale of Addiko Bank

Reuters has recently reported that the private equity group Advent is starting preparations for an initial public offering ("IPO") or sale of its Vienna-based Addiko bank, which emerged from the collapse of Hypo Alpe Adria Bank. Unofficially, investments banks Goldman Sachs and Citi are working with Advent on the exit process which could take place next year. Addiko has a strong presence in the Balkans with retail banking operations in Slovenia, Croatia, Bosnia-Herzegovina , Serbia and Montenegro.

KG Law Firm at the NPL EUROPE 2018 Conference

KG Law Firm’s partner, Theodore Rakintzis, participated in the NPL EUROPE 2018 Conference on 13-14 September in London, which was organised by SmithNovak. The firm took part in this event along with Baker McKenzie within the framework of the two firms’ long-standing collaboration and their recent synergies in the NPL market. Theodore presented the new enforcement and restructuring framework in Greece and was a commentator in the Transactions panel. The discussion dealt with Greece's up-to-date transactions and pipeline and the NPE reduction plans of Greek banks. 

At Least Half of the Largest Slovenian Bank to be Sold by the End of 2018

On August 10, 2018, the European Commission issued a new decision in the case of the state aid to Nova Ljubljanska banka ("NLB"), setting a new deadline for the privatisation of the bank and adjusting the catalogue of compensatory measures. In accordance with the new decision, Slovenia is obligated to sell at least 50% plus one share of NLB by the end of 2018 and to further reduce its shareholding to the target share of 25% plus one share by the end of 2019. NLB's shares will be sold in an initial public offering ("IPO") on the Ljubljana and London Stock Exchange. The timetable of the sale will…

Greece Adopts the Long-awaited Law Implementing the 4th EU Anti-Money Laundering Directive

Greek Law 4557/2018, published on 30 July 2018, implements Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Highlights of the new law include: a number of modifications relating to the areas of risk based approach; ongoing monitoring; beneficial ownership; customer due diligence; and politically exposed persons. To learn more, please download the summary of these main features, prepared by SEE Legal’s Greek member KG Law Firm.

Proposal of the Financial Instruments Market Act approved by the Slovenian Government

On 26 July 2018, the Slovenian Government approved the proposal of the Financial Instruments Market Act, as well as the amendments to the Act on Alternative Investment Fund Managers and the Law on Investment Funds and Management Companies, which are closely related in substance to the first law. The main purpose of the Financial Instruments Market Act is to transpose the Markets in Financial Instruments Directive (MiFID II) into Slovene legislation. The proposal regulates, inter alia, the rights of investors, liabilities of investment firms and supervisory institutions. The detailed rules and…

KG Law Firm Advises on Financing of Wind Farms in Greece

Kyriakides Georgopoulos Law Firm acted as a joint Greek legal advisor to European Investment Bank and to Alpha Bank A.E. on financing of two wind parks in northern Greece. The financing was structured on a limited recourse project finance basis by means of a long-term facility in the form of a hybrid bond loan governed by the Greek Bond Law No. 3156/2003 and German law, along with relevant Greek law security documents for each Project Company. The European Investment Bank's loan is backed by the EU budget guarantee of the European Fund for Strategic Investments, the financial instrument of the…

Polenak Law Firm Advised Key Safety Systems

SEE Legal's Macedonian member, Polenak Law Firm, acted as a local legal counsel for Key Safety Systems in connection with the Deutsche Bank financing of KSS Holdings Inc acquisition of certain assets and businesses of the Takata Corporation, which comprises a USD 1 billion term loan facility together with a USD 200 million revolving credit facility. Skadden, Arps, Slate, Meagher & Flom (UK) LLP acts as a lead counsel to KSS on the acquisition and the Deutsche Bank financing. Polenak Law Firm’s attorneys work closely with Skadden in relation to review of the financing agreements, as well…

BOYANOV & Co. Advised Vivacom

BOYANOV & Co.’s finance team, led by Partner Damian Simeonov and Senior Associate Ralitsa Nedkova and Freshfields’ Vienna-based English law finance team, led by Blair Day advised Vivacom, a leading Bulgarian telecommunications business, on the successful refinancing of its EUR 400m senior secured notes. The refinancing involved EUR 345m of debt from a syndicate of more than a dozen financial institutions, granted on more favourable terms. For more information, please see the press release of Vivacom by clicking here.

SEE Legal Advises Lenders on the Acquisition of Telenor’s Business in South East Europe

SEE Legal advised Société Générale, as agent, and a syndicate of lenders in connection with a EUR 3.05 billion credit facility provided to the PPF Group for the acquisition of, among other assets, 100 per cent interests in Telenor Bulgaria, one of the three mobile operators in Bulgaria, Telenor Beograd (Serbia) and Telenor Podgorica (Montenegro). Allen and Overy acted as the Lead Council of the lenders on this transaction while SEE Legal provided Bulgarian, Serbian and Montenegrin law advice on the local aspects of the transaction. “Telenor Group’s strategy is based on growth, efficiency…

Implementation of PSD II – New Rules for Performance of Payment Services in Slovenia

With the PSD II implementation date catching us in mid-January 2018, on 25 January 2018, the Slovenian National Assembly adopted the new Payment Services, Services of Issuing Electronic Money and Payment Systems Act (“PSA”). The PSA is implementing the Second Payment Services Directive (PSD II) into Slovenian legislation and will enter into force on 22 February 2018. The PSA establishes a comprehensive set of rules applicable to payment services in Slovenia, all aiming to: increase the safety of payment transactions and payment services; increase consumer safety; and promote…