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Boyanov & Co and DGKV Advise on Financing of CEZ Bulgarian Business’ Acquisition by Eurohold

Boyanov & Co and DGKV Advise on Financing of CEZ Bulgarian Business’ Acquisition by Eurohold

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Boyanov & Co, working with the London office of White & Case, has advised the initially mandated lead arranger, the general security agent, the Bulgarian security agent on EUR 360 million facilities to Eastern European Electric Company B.V. Djingov, Gouginski, Kyutchukov & Velichkov advised the agent and lender Metric Capital Partners on a mezzanine facility provided to the company.

The financing was intended for the acquisition of a group of seven targets in Bulgaria, including the electricity distribution utility companies in North-West Bulgaria from CEZ. The initially mandated lead arranger was J.P. Morgan AG, the general security agent was BNY Mellon Corporate Trustee Services Limited, and the Bulgarian security agent was DSK Bank AD.

The Eastern European Electric Company is an indirect subsidiary of Eurohold Bulgaria.

Earlier this year, CEZ obtained authorization from the Bulgarian Energy and Water Regulatory Commission for its disposal of 67% of its shares in CEZ Distribution Bulgaria to Eastern European Electric Company (as reported by CEE Legal Matters on January 28, 2021).

Boyanov & Co’s team included Partners Damian Simeonov and Alexander Chatalbashev and Senior Associate Ralitsa Nedkova.

Djingov, Gouginski, Kyutchukov & Velichkov's team included Partner Georgi Tzvetkov, Senior Associate Gergana Monovska, and Associate Lora Alexandrova.

Editor's note: After this article was published, Stoeva Tchompalov & Znepolski informed CEE Legal Matters that it had advised Eurohold, working with Morrison & Foerster in London. The STZ team was co-led by Partners Iordan Tchompalov and Irina Stoeva and included Of Counsels Vania Todorova and Yasen Nikolov, Senior Associate Miroslava Iordanova, and Associate Tihomir Todorov.

Subsequently, CMS announced it had advised the EBRD on amending and extending its facility for CEZ Distribution in the context of the acquisition. The CMS Sofia team included Partner Elitsa Ivanova and Associate Katerina Hristova.

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

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