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Black Manta Capital Partners (BMCP) acted as the bond’s primary placement agent, financing an affordable housing project in England.
The fully digital bond, which is worth £15 million, is supported by Globacap through its private-placement solution utilising blockchain technology. The offering differs from traditional private placement and structured financing by making them more efficient and accessible for both project owners and a range of investors.
CMS Luxembourg’s Digital Assets team advised IDAP Global during the full issuance and process. The team was led by Investment Funds and Capital Markets partner Aurélien Hollard and supported by managing associate José Ocaña and associate Julie Pelcé.
The negotiations, which began in June, have concluded successfully, but the deal has yet to be approved by regulators.
Chinese business has become extremely important for the Port of Hamburg. Ships from Cosco Shipping have been calling at HHLA’s Tollerort terminal for almost 40 years. Common goals between Cosco and the HHLA management are a closer interlinking of Chinese logistics flows at the Hamburg location, according to HHLA head Angela Titzrath.
Blomstein advised Cosco with a team led by partner Dr Roland Stein and including associates Josefa Dengler and Vanessa Kassem, all advising on German foreign trade law. Cosco was also advised by Linklaters.
Lang Yue advised HHLA.
Šavorić & Partners advised Eagle Hills Zagreb Real Estate, part of UAE-based real estate developer Eagle Hills, on its acquisition of Sunce Hoteli in a deal projected to be worth HRK 760 million (approx. EUR 101 million).
Eagle Hills Zagreb Real Estate acquired 4.1 million stocks, representing 69.7% of the share capital of Sunce Hoteli, which is listed on the Zagreb Stock Exchange. Sunce Hoteli acts under the brand Bluesun Hotels & Resorts and manages 11 hotels and one campsite along the Croatian Adriatic coast in addition to other tourism assets. The total accommodation capacity of its venues comes to 2,973, making it one of the largest hotel companies in Croatia. The company also owns 50.2% of the airport on the island of Brač.
The Šavorić & Partners team was led by senior partner Boris Šavorić and partner Lovro Gašparac.
Lawyer Monthly had the pleasure to speak with Boris Šavorić, Senior Partner at Šavorić & Partners to give us some further insight into this transaction:
Our firm worked on this deal as the buyers’ counsel. In addition to taking the lead with respect to all Croatian law matters related to the transaction, we provided the buyers as well as the target’s team with support in all stages of the transaction and coordinated a number of preparatory activities to set up the required structure prior to the transaction, leading up to successful completion.
The timeline was one of the main challenges in the transaction, since it was driven by the disclosure requirements, so we had very little flexibility on the timing side. Considering that the transaction included several simultaneous work streams, all team members needed to work hard to make everything happen within the planned timeline. Everyone was focused to get the deal across the line as swiftly as possible and was always ready to go the extra mile to make sure that we put in place a structure which would allow all parties in the transaction to achieve their main objectives.
I would say that the entire transaction in general went rather smoothly, especially when it mattered the most: around signing and closing.
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Eagle Hills’ acquisition of Bluesun Hotels and Resorts will boost Croatian tourism, reinforcing its position as an unparalleled destination. Not only does this transaction aim to deliver world-class tourism to Croatia, but also to generate employment opportunities locally. This will not only occur through investments in Bluesun’s properties, but also by supporting the regeneration of surrounding areas. Local businesses will benefit immensely from the rejuvenation of Bluesun’s existing properties, which are set to impact dramatically on the local economy. Eagle Hills’ expertise in real estate development and hospitality will contribute immensely towards its impending enhancement efforts and qualitative upgrades that are slated for Bluesun’s properties.
Lambadarios Law Firm advised Alpha Bank, Eurobank, the National Bank of Greece and Piraeus Bank as the four Greek systemic banks. Koutalidis advised DESFA.
DESFA issued a common bond loan of up to €435 million, according to a statement from Koutalidis. The bond program includes an “accordion” option, which allows for the loan to be increased by up to €70 million for a total of €505 million. The four systemic banks acted as arrangers of the bond loan, with Eurobank acting as bondholder agent and administrative agent. Proceeds from DESFA’s bond issuance will be used to finance or refinance its capital expenditures and for the Group’s general corporate and working capital purposes.
The Lambadarios team comprised partners Yannis Kourniotis and Prokopis Dimitriadis, counsel Konstantina Siozou and senior associate Theodoros Papadatos. The Koutalidis team was led by Managing Partner Nikos Koritsas and Partner Ioannis Kaptanis.
Lawyer Monthly had the pleasure to speak with Yannis Kourniotis, Partner at Lambadarios Law Firm to give us some further insight into this transaction:
Our team was involved in the drafting of the bond loan documentation, as well the negotiation of its terms. We also provided advice on energy regulation matters, affecting the terms of the bond loan, as well as on the adaptation of a Greek bond loan to an LMA standard.
Our law firm is, no doubt, regarded locally as a financing and energy powerhouse, especially when it comes to energy assets’ financing. Our talented team of lawyers, having years of experience in this field, as well as energy acumen, were of great assistance in concluding a complex deal in short notice.
We have a specific reputation for dealing with complex financings that involve all Greek systemic banks. This was recently the case with the refinancing of GEK-Terna, the leading local construction and energy group, and Aegean Airlines, the largest Greek airline. In a nutshell, we do difficult work because we are a team of problem solvers.
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Advising the heavyweights of the local banking market, having equal stakes on the bond loan, is not an easy task – especially when this task also involves the adaptation of a Greek bond loan to an LMA standard. Nevertheless, the transaction went smoothly and the key point for this success was the symmetry of information to every party involved; in that manner no one felt neglected or misrepresented.
As far as the Greek banks are concerned, I believe that this will cement their reputation as being capable to handle any complex big-ticket deal locally and further afield. As far as DESFA is concerned, it does now have adequate financial means to further its ambitious development plan.
The reference to “coming months” is probably an understatement. In fact, we are currently working with the systemic banks in the context of provision of acquisition finance in a major privatisation deal!
In a nutshell, we do difficult work because we are a team of problem solvers.
We are currently advising the Hellenic Republic on the concession of the Athens Motorway, which will be the largest asset ever tendered out, having an expected value that will well exceed €2 billion, as well as the development of an Integrated Resort Casino (IRC) on the site of the former Hellinikon airport. Other recent mandates include advising a leading global investment company in the privatisation of Hellenic Distribution Network Operator, Public Gas Corporation of Greece (DEPA) in the privatisation of its infrastructure and commercial entities and Glencore and Carlyle in the privatisation of Hellenic Petroleum.
