Key Projects

Banking – assistance to financial institutions

We provided assistance on Romanian law aspects to a club of major credit institutions extending a EUR 100 million loan to A&D Pharma Group for refinancing an existing facility and general corporate purposes.
We provided assistance to Goldman Sachs, as agent, and to the finance parties on Romanian law aspects in a multi jurisdictional syndicated facility with a value of EUR 150 million for the refinancing of an existing facility extended to a group of companies in the automotive safety textile sector undertaking restructuring.
We acted as local counsel to JP Morgan, as agent, and the finance parties in connection with the preservation of a security package with a secured amount of EUR 450 million upon amendment and syndication of a revolving credit agreement to an international group of companies with affiliates in Romania.
We acted as local counsel to Credit Suisse First Boston in connection with the creation of the Romanian security package for a USD 500 million loan granted to Arcelor Mittal.
We acted as local counsel of the finance parties in connection with the EUR 315 million refinancing facilities granted to a group of companies, including Romanian companies, acting in the medical sector.
We provided assistance on Romanian law aspects to the financial institutions granting to Prysmian group a loan of EUR 1.7 billion in relation to the IPO to be conducted by the parent company.
We acted as local counsel to Bank of America Securities Asia Limited and a loan club in connection with a major US corporation restructuring financing of USD 210 million.
We acted as counsel to the agents and the finance parties in connection with the Romanian security package related to a syndicated senior and mezzanine financing of approximately GBP 300 million for a group of companies with affiliates in Romania.

Banking - assistance to the borrower

We provided assistance to Smithfield in relation to the Romanian law aspects of the amended and restated credit agreement of EUR 300 million concluded with Societe Generale and the creation of security governed by Romanian law.
We provided assistance to a Romanian non-banking financial institution in relation to the 30 million USD financing obtained from OPIC (Overseas Private Investment Corporation) and related security package. The financing was obtained for the purpose of financing/refinancing of residential mortgage loans.
We acted as counsel to Purolite group in relation to the USD 135 million financing extended by a syndicate of financial institutions for corporate purposes and refinancing existing debt.
We acted as counsel to Nomura International in connection to Tofan Grup S.A. development and restructuring for the purpose of its exit in favor of Michelin, France, totaling over EUR 80 million.

Banking - assistance in public sector related financing

We acted as legal counsel to Merril Lynch International acting as underwriter for the issuance of Yen 1.35 billion and USD 135 million floating rate bonds by the RA Renel.
We provided legal assistance to the European Commission in connection with the EUR 200 million Supplemental Loan Agreement Tranche II.
We assisted Fortis Bank N.V. in relation to a loan with a value exceeding EUR 60 million granted to Romanian Government for projects to be implemented by the Ministry of Transportation in relation to the development of rural areas and implementation of water supply.
We represented Deutsche Bank AG London in connection with several loans granted to the National Company of radio-telecommunications S.A., the Ministry of Justice, the Ministry of Internal Affairs, the Ministry of Health, the Ministry of Public Works, Transportation and Housing and Logistic, in a total value of over EUR 70 million.
We represented Deutsche Bank AG London in connection to 20 loans provided to 20 power generation Romanian centrals for a value of EUR 129 million.
We advised NBG International plc as arranger of a loan facility to Sector 6 of Bucharest Municipality; the loan value amounts to over EUR 50 million and the transaction is a premiere in municipal lending syndication.

Project finance

We assisted Emporiki Bank of Greece and Emporiki Bank Romania in financing two major real estate developers, GE Real Estate Equities and Helios Phoenix, in relation to the development of a network of seven A Class multi-let logistics parks in six major cities of Romania. The transaction‘s value exceeded EUR 78 million.
We represented Gazprobank Russia as the lender in a USD 50 millions project finance for the construction of a gasduct across Romania to connect Ukraine with Bulgaria.
We provided assistance in relation to the financing of the development of some of the most significant real estate projects in Bucharest: America House located in Piata Victoriei (developed by Global Trade Center), Bucharest Business Park (developed by Portland), City Gate located in Piata Presei Libere (developed by Globe Trade Center), Europe House (developed by Globe Trade Center), Olympia Tower located on Decebal Blvd. (developed by Bluehouse), Opera Center Office Complex (developed by Portland), all Class “A” office buildings involving construction loans of over EUR 30 million each, as well as in relation to the financing of the renovation of the 5 star hotel Athenee Palace Hilton in Bucharest.
We provided assistance to Globe Trade Center (GTC), a major real estate developer in Central and Eastern Europe, in relation to the financing facilities for developing two residential projects, Felicity and Rose Garden. The value of each project exceeded EUR 60 million. We assisted GTC with respect to financing for the development of four shopping malls in some of Romania’s cities (Buzau, Piatra Neamt, Suceava, Arad). The value exceeded EUR 60 million. We acted as counsel of GTC in relation to the financing of the office buildings America House and City Gate.
We provided assistance to the developer in respect of the financing for developing of a shopping and entertainment mall in Arad. The deal value was over EUR 60 million.
We assisted a European bank for regional development in connection with a EUR multimillion project finance to finance the renovation, rehabilitation and expansion of a hotel complex in Bucharest.

Acquisition finance projects

We assisted RREEF Real Estate (part of RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank’s Asset Management division) in relation to the financing of a EUR 341 million transactions concerning the forward purchase of two office buildings and two residential buildings located in the north area of Bucharest.
We provided assistance to a syndicate of banks (Caixa d’Estalvis i Pensions de Barcelona acting as agent) in connection with Romanian law aspects of the refinancing of a takeover financing and short term financing of a major Spanish real estate developer with subsidiaries and projects in Romania. The overall value of the facility was around EUR 4 billion.
We acted as local counsel to the agents and the finance parties for the Romanian aspects of the financing granted in relation to the acquisition of a major group of companies in plumbing and heating business. Value exceeded GBP 150 million.
We provided assistance to Sonae Sierra in relation to the refinancing of the acquisition and development of the commercial center in Ramnicu-Valcea (River Plaza Mall) of approx. 12,000 sqm GLA. The deal value exceeded EUR 33 million.
We assisted NBGI Private Equity Ltd.’s subsidiary in the financing of the acquisition of a business park in Arad.
We acted as local counsel to the borrower in connection with a EUR 225 million syndicated credit agreement for financing the acquisition of a Belgium based group of companies.
We assisted Anglo-Romanian Bank in drafting loan documents, security documents, assuring perfection and priority in a EUR 105 million transaction for acquisition of 10 maritime platforms.

Restructuring and insolvency projects (consultancy services)

We provided assistance to the investor in relation to the negotiation and amendment of the facility and security agreements for Asmita Garden residential project developed in Bucharest.
We acted as counsel to the real estate arm of a major investment group with respect to the restructuring its real estate loans made in Romania for a principal amount exceeding EUR 40 million.
We provided assistance to a major credit institution in relation to the restructuring of the financing of a residential project with a value over EUR 45 million.
We provided assistance to the agent and a syndicate of banks and financial institutions in a multi jurisdictional syndicated facility, with value of USD 80 million, extended to a group of companies facing insolvency proceedings in other jurisdictions.
We provided assistance to a major automotive group in relation to the accession by the Romanian company to a USD 23 million credit agreement granted as part of the restructuring of the Group.
We provided assistance to a foreign credit institution in relation to various enforcement proceedings initiated by other creditors of the borrower and its group of companies against the borrower, the guarantors and their assets.
We provided assistance to a major developer in relation to various aspects of the restructuring of a residential project, including in respect of the financing agreements, triggered by the insolvency of the general contractor.

Financial and regulatory advice

We participated in the expert working group drafting the Romanian mortgage bond and asset-backed securities legislation as part of the project for financial market reform in Romania co-funded by the United States Agency for International Development.
We provided assistance in connection with the indirect acquisition by Societe de Prise de Participation de l’Etat of a qualifying holding in Cardif Asigurari S.A., a Romanian insurance company, and in connection with the notification procedure before the Insurance Supervisory Commission.
We provided assistance to BNP Paribas on regulatory compliance matters in the Romanian jurisdiction in relation to the acquisition of certain banking, financial and insurance activities of the Fortis Group by BNP Paribas.
We provided assistance in connection with the establishment in Romania of subsidiaries and branches of foreign banks, such as ABN Amro Bank (Romania) S.A., Raiffeisenbank (Romania) S.A., Demirbank (Romania) S.A., United Garanti Bank International N.V. Amsterdam – Bucharest branch, Volksbank Romania S.A.
We provided assistance in the creation of non-banking financial institutions, such as the setting-up of one of the first mortgage companies in Romania – Domenia Credit - and in the preparation of the standard mortgage loan agreement and related agreements to be used in its activity.

Merger and acquisition transactions in the financial sector

We acted as counsel to Citibank in the cross-border merger process of Citibank Ireland and Citibank Romania, which has been the first cross-border merger implemented in Romania as a result of which Citibank Romania transferred all its assets and liabilities to Citibank Ireland, following which it was dissolved in parallel with the establishment of the Romanian branch of Citibank Ireland.
As a member of a consortium led by Daiwa Securities SMBC Europe Limited, we acted as counsel to government privatization authorities in connection with the sale of a majority interest in Romania’s largest state-owned financial institution to Erste Bank der oesterreichischen Sparkassen AG. at EUR 3.75 billion, the largest transaction in the central and eastern Europe.
In preparation for the sale of shares of Banca Comerciala Romana to a strategic investor, we acted as counsel to the government privatization agency for the sale of twenty-five percent of the bank’s share capital to financial institutions and the transfer of eight percent of its outstanding share capital to bank employees.
We acted as counsel to shareholders of Banca Romaneasca with respect to the sale of their equity participation in Banca Romaneasca to National Bank of Greece.
We acted as counsel to the Romanian Government in the privatization of Banc Post.
We acted as counsel to the buyer in the privatization of Banca Agricola for the acquisition of the shares from the Romanian Government.
We provided assistance to Piraeus Bank Group of Greece in its acquisition of 100% of the shares of Pater Bank S.A. from General Electric Finance Corporation.
We provided assistance to the Romanian-American Enterprise Fund in the sale of the participations in Domenia Credit, Ralfi and Leasemart Holding (consumer finance companies), one of the most significant transactions in the financial sector in 2006.

Expertise