Lawyer Monthly - April 2023

I firmly believe that lawyers must always remember their clients’ bottom line and our firm is well-known for its business approach. Effie Papoutsi Partner Please tell us about the work undertaken by yourself and the team. Did you encounter any significant obstacles during the process? Our firm supported NBG for all aspects of the issuance, including drafting of documentation, customary due diligence and supporting the bank throughout a staged closing process. The dual purpose of the loan, namely the refinancing of existing project financing provided for the issuer’s operation of the Smart Park mall and financing the acquisition by Reds of a landmark real estate asset from the HRADF, meant that the documentation and structure planning had to combine all necessary covenants for essentially two financings. This required a lot of careful drafting, negotiation and coordination on multiple fronts. Furthermore, everyone was conscious that the issue marked the successful completion of a long awaited privatisation process with special significance for the Greek economy. With this in mind, our team worked hard to ensure essentially two smooth closings in a continuously evolving process. How did you overcome these challenges? In my view, this was one of those complicated financings where the value of a big and experienced team is evident. This applies to commercial and legal teams alike. It would have been impossible to achieve such a smooth result without the professionalism and positive attitude of everyone involved. Another important factor was that we have been advising National Bank of Greece for decades for various types of financings and other deals, which made possible the close and efficient cooperation necessary for this deal to close successfully. 88 LAWYER MONTHLY APRIL 2023

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