January 18-19th, Budapest, Hungary
Lakatos, Koves and Partners has provided Hungarian law advice and Clifford Chance London has acted as international legal advisor to joint lead managers Deutsche Bank AG, London Branch, BNP Paribas, Citigroup, and ING Wholesale Banking London and stabilization manager Deutsche Bank AG, London Branch in connection with Hungary’s issue of international bonds with a 1.75% coupon for EUR 1,000,000,000 on 4 October, 2017 maturing in 2027. The Hungarian state was advised by the Dr. Zsolt Szita Law Office on matters of Hungarian law and Linklaters on English law.
The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures.
The Sarhegyi and Partners law firm has successfully represented the Hungarian State on appeal to the Metropolitan Regional Court against claims brought against it by the Hungarian town of Budaors involving challenges to aspects of the country's Budget Act. In addition to the immediate dispute, the case represents the first time that the issue of liability for damages caused by legislation was considered since the new Hungarian Civil Code entered into force in 2014.
Partos & Noblet Hogan Lovells has advised the Vajda Papir Group on its HUF 22 billion syndicated loan arrangement with a Hungarian bank syndicate consisting of OTP Bank, UniCredit Bank Hungary, Eximbank, and the Hungarian Development Bank for project finance and general corporate purposes. The lenders were advised by CMS Budapest.
According to the current provisions of the Code on the Civil Procedure, a private document shall, until proven otherwise, have full probative force, verifying that the issuer has in fact made the statement that the document contains, or undertakes to consider himself bound by such statement, provided that the rules regarding the form of using witnesses is observed.
CMS has advised Kopaszi Gat Kft. on the sale of property in Budapest to the MOL Hungarian Oil and Gas Company, which will use it for the development of its new built-to-suit office building. Weil Gotshal & Manges advised MOL on the acquisition.
We are now only two days away from the Hungary General Counsel Summit. CEE Legal Matters spoke with Erika Papp, Partner and Head of Banking and International Finance, Hungary with CMS, one of the sponsors of the conference to hear her thoughts on the upcoming event.
Building upon the successes of the three past regional GC Summits in Budapest, Istanbul, and Warsaw, CEE Legal Matters is excited to be hosting the Hungary GC Summit – our first ever country-specific GC event. We sat down with the Chairman of the conference, Miklos Orban, Partner at Orban & Perlaki, to get his thoughts about the upcoming event. More information about the event itself can be found on the event website, here.
CMS has advised NEPI Rockcastle plc on its acquisition of the Arena Plaza shopping center in Budapest by means of a EUR 275 million purchase of all the issued shares in and claims against Symmetry Arena Ingatlankezelo Korlatolt Felelossegu Tarsasag, the owner of the mall, from Lanebridge Investment Management Limited. DLA Piper advised the sellers on the deal.