Banking & finance

Banking & Finance is one of our main areas of practice, driven by our outstanding expertise in structuring complex financings. We are renowned for being one of the leading law firms in guiding banks, corporations and financial institutions on a wide range of banking work, including syndicated loans, structured finance, acquisition finance, asset finance, project finance, securitisation, derivatives, shipping finance, telecoms finance and international securities work. We regularly act for all the major banks and finance providers, as well as for a number of borrowers. We have acted for high-profile international and domestic banks, creditors, debtors and underwriters, as well as for developers, financial institutions and syndicates on the financing of infrastructure and industrial projects. We have also gathered substantial expertise in the regulatory field.

A selection of our recent instructions include advising:

The European Investment Bank (E.I.B.) in connection with the structuring and negotiation of the EUR 370,000,000 loan facility granted to Metrorex S.A. for the development of the Bucharest Metro Line 5.
Africa Israel Investment / AFI Europe in respect of the approx. EUR 234,000,000 financing from Hypo Real Estate Bank International for the development of the shopping mall AFI Palace Cotroceni. Further assistance to AFI Europe in connection with a EUR 13,400,000 loan granted by UniCredit Bank Austria for the purpose of financing the construction of the first office building of AFI Business Park Cotroceni.
CEIF Properties S.A.R.L., an investment vehicle of Central European Industrial Fund, in relation to a EUR 225,000,000 term loan facility made available by Hypo Real Estate Bank International for refinancing the acquisition and management of the industrial real estate portfolio pertaining to the fund owned in Romania, Czech Republic, Poland and Hungary.
The European Investment Fund (EIF) on the implementation of the EUR 100,000,000 Jeremie project in Romania, whereby EIF manages, on behalf of the Romanian State, the structural funds provided by the EU for the SMEs sector enhancement.
Mizuho Corporate Bank Ltd. in connection with the USD 221,000,000 syndicated loan granted to Banca Comerciala Romana.
Invitel Rt. in connection with the subordination of its subsidiary Euroweb Romania SA to a EUR 165,000,000 facility agreement previously granted to Invitel Rt. and to the issuance by Magyar Telecom B.V. of senior notes in an initial aggregate principal amount of EUR 142,000,000.
Raiffeisen Bank International in connection with a EUR 71,500,000 loan facility granted to Bucuresti Turism, owner of Radisson Blu. The loan was granted in view of refinancing a credit facility and a loan granted to Bucuresti Turism’s main shareholder, Elbit Imaging - one of Israel’s principal holding companies.
LA CAIXA (Caja De Ahorros y Pensiones de Barcelona) in relation to various multimillion real estate acquisition and development project financing in Romania, totaling over EUR 200,000,000.
BNP Paribas Bank NV, as coordinating bank, with respect to granting a EUR 262,300,000 loan to two companies, part of CEZ Group, needed to develop a wind park in Romania.
The Anglo Romanian Bank and Banca Comerciala Romana S.A. (BCR) in connection with a USD 115,000,000 long-term loan granted to Grup Servicii Petroliere.
The European Investment Bank (E.I.B) in connection with the EUR 232,000,000 loan granted to the Municipality of Bucharest for infrastructure rehabilitation and urban development.
The European Bank for Reconstruction and Development (EBRD) in connection with the EUR 135,000,000 loan agreement granted to two Romanian companies, Kronospan Sebes S.A. (former MDF Sebes Frati S.A.) and Kronospan Sepal S.A. (former Sepal S.A.), for refinancing the purchase of shares, existing debts and the installation of a new production line.
ING Belgium, Brussels, Geneva Branch, the Swiss subsidiary of ING Belgium, with regard to the creation of a security package and correspondent financing of major oil trading companies, with a total amount exceeding USD 90,000,000.
Raiffeisen Bank Romania on a EUR 100,000,000 borrowing facility granted by DZ Bank AG Deutsche Zentral-Genossenschaftsbank.
Raiffeisen Bank International in connection with the EUR 14,500,000 loan granted to the Austrian investment group Petrochemical Holding GmbH, the stakeholder of the Romanian oil refinery Rafo Onesti.
Credite Suisse Agricole, Crédit Agricole Group's main private bank, whose activity in the field goes back for more than 130 years of expertise, in connection with the security package meant to secure the credit facilities granted to a major player in the oil trading industry, amounting to more than USD 25,000,000.
Teesland iOG with respect to a EUR 100,000,000 syndicated loan facility for financing the acquisition of industrial outlets in Romania.
Repower AG, an international electricity company, in connection with the refinancing of a multimillion loan facility granted by BRD to Elcomex EN, one of the most important local private electricity traders, as part of the overall acquisition process of ELCOMEX EN.
BNP Paribas (Suisse), the Swiss subsidiary of BNP Paribas, the European leader in global banking and financial services, in respect of various financing and related collateralization operations for supporting the business development of major oil trading companies, amounting to more than USD 220,000,000.
JP Morgan Chase Bank, N.A., Tokyo Branch, in relation to a JPY 18,000,000,000 facility agreement previously granted to Qualicaps Co., Ltd.
Holdingmaatschappij Damen B.V in connection with the EUR 651,000,000 syndicated loan granted by ING Bank N.V., ABN Amro Bank N.V. and Cooperatieve Centrale Raiffeissen-Boerenleenbank B.A. to the client and its group companies (including the Romanian subsidiary). Additionally, we have advised Holdingmaat-Schappij Damen B.V. on the EUR 150,000,000 supplementations of the maximum total amount, which thus exceeded EUR 900,000,000.
The Canadian Imperial Bank of Commerce in connection with the credit agreements governing a 364-day revolving term credit facility of up to USD 500,000,000 and a four-year revolving term credit facility of up to USD 500,000,000, both made available to Celestica Inc. and certain of its subsidiaries.
The European Investment Fund in connection with a multi million facility granted to Patria Credit, the largest Romanian non-banking financial institution specialized in micro-financing, in the context of Decision no. 283/2010/EU of the European Parliament for employment and social inclusion, aiming at supporting the creation and development of small enterprises and self-employment in the European Union.
Fortis Bank in connection with a multi-option credit facility and a facility agreement for contingent commitments granted to Air Total Romania, the local subsidiary of Air Total International, a major international supplier of aviation jet fuel.
Hypo Alpe Adria for the enforcement of security interests over immovable assets in relation to various multimillion financing schemes.
Equest Partners Limited in relation to a EUR 40,000,000 syndicated term loan facility made available by Bank Austria Creditanstalt AG and Unicredit Tiriac Bank SA for the development of a retail & commercial park within Vitandis Shopping Centre Bucharest.
RBS Bank with respect to the review of its credit facility granting procedures, as well as for reviewing the complete set of banking documentation from the MiFID Directive standpoint. Legal work also included representing RBS Bank in a complex administrative litigation against the misdemeanor minutes concluded by the National Authority for Consumer Protection (ANPC) with respect to the alleged infringement of consumer protection regulations, as well as in litigation files initiated against RBS by certain clients, regarding the inclusion of allegedly abusive clauses in the bank’s loan agreements.
Bank Leumi Romania in connection with the EUR 19,200,000 project financing for two residential projects developed by Adama Holding, a successful real estate developer, whose ownership structure included the American investment fund Tiger Global Management and Immoeast.
Two Swedish banks (Ringkjøbing Landbobank A/S and Lokalbanken I Nordsjælland A/S), with respect to loans exceeding USD 20,000,000 granted to NAC Nordic Aviation Contractor A/S for financing five Saab 2000 aircrafts on lease to Carpatair.
Drafting and negotiating the agreements concluded by Biroul de Credit (the Credit Bureau), the national repository of consumer credit information, regarding the supply and implementation of the integrated sole IT system for monitoring the financial conduct of debtors, drafting and negotiating the necessary agreements for implementing the credit scoring system in Romania, obtaining the relevant clearances from the Data Protection Authorities for the transfer of historical data from banks, drafting and negotiating the participation agreements to the Credit Bureau System concluded with the vast majority of banks and financial institutions.
Fortis Bank in respect of the establishment of its banking branch network in Romania, including the preparation and structuring of the entire banking documentation to be used in the local branches’ activity: credit facility agreements, club-deal agreements, related securities interests, etc. Further advising Fortis Bank in connection with the implementation of Payment Services Directive in Romania and the entire array of rules, constraints and other legal issues arising from the latter, including an in-depth review of standard banking documentation to ensure compliance therewith.
RBS Bank Romania in the settlement of a potential dispute with Industrialexport SA for the recovery by Industrialexport SA of amounts up to USD 17,000,000 arising from cross-border business relations.
Commerzbank Munchen in relation to Romanian law issues raised by the operation of an international cash pooling and netting system for a group of companies, including a Romanian company.
Raiffeisen Zentralbank Osterreich in connection with the USD 70,000,000 syndicated loan facility granted to Rompetrol Group BV.
The European Bank for Reconstruction and Development (EBRD) in connection with a loan agreement concluded with Banca Comerciala Romana S.A., whereby the latter contracted a EUR 50,000,000 loan, with a view to granting mortgage loans.
The European Investment Bank (B.E.I.) on a EUR 50,000,000 loan granted to Banca Comerciala Romana, as well as on the guarantee and indemnity agreement entered by BEI with Erste Bank, in view of securing the above-mentioned loan facility.
The European Bank for Reconstruction and Development (EBRD) in connection with two loan agreements concluded with Banc Post, whereby the latter contracted a EUR 40,000,000 loan with a view to granting residential mortgage loans.
Raiffeisen Zentralbank Oesterreich AG and Raiffeisen Romania in connection with a EUR 50,000,000 syndicated loan granted to Motoractive leasing company, for financing leasing operations.
Enel S.P.A. in relation to the structuring, negotiation and amendment of a complex risk guarantee scheme put in place by the World Bank, Citibank and the Romanian Ministry of Economy and Finance, aimed to cover the risk of adverse changes in regulation, concerning electricity distribution and supply activities in Romania.
Bank of Tokyo Mitsubishi on a EUR 25,000,000 term loan facility granted to Banca Comerciala Romana S.A. (BCR).
The European Bank for Reconstruction and Development (EBRD), in respect of a EUR 22,500,000 loan agreement to Banca Transilvania S.A., with the view of financing SMEs activities.
The European Bank for Reconstruction and Development (EBRD) in respect of a loan agreement in maximum amount of EUR 20,000,000 granted to Billa Invest Construct S.R.L. for the development of Billa supermarkets, part of the REWE Germany international chain.
The European Investment Bank (EIB) in connection with structuring and negotiating a project finance scheme in excess of EUR 17,000,000 granted to the Municipality of Oradea for the development of the public transportation system.
Standard Chartered Bank in connection with a EUR 20,000,000 loan facility granted to Banca Comerciala Romana.
Alka Co., a major Romanian FMCG producer, in connection with the restructuring of loan facilities in excess of EUR 10,000,000 granted by Unicredit Tiriac Bank S.A. The firm has advised on the complete loan and security documentation.