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Allen & Overy and PwC Legal Advise on Financing of Bike Fun

Allen & Overy and PwC Legal Advise on Financing of Bike Fun

Czech Republic

Allen & Overy has advised Ceska Sporitelna and Ceskoslovenska Obchodni Banka on their financing of Bike Fun International, a European bike producer, based in Koprivnice, in the Czech Republic. PwC Legal advised Bike Fun on the deal.

The overdraft facility of the financing documentation was prepared and negotiated using the euro short-term rate (the €STR, a replacement of the previous EONIA), a new benchmark based on overnight deals published by the European Central Bank as of October 2, 2019.

According to Allen & Overy, “the timing of the transaction and the fact that €STR is a backward-looking rate have resulted in challenges for the transaction, in particular in relation to the method of calculation and the settlement of daily accrued interest as of the end of the month.” The €STR will be used for the overdraft facility by one lender and its use by the other lender will be optional.

The A&O team was led by Counsel Silvie Horackova and Senior Associate Petra Mysakova, supported by Associate Lukas Vondrich and Junior Lawyer David Bujgl.

The PwC Legal team was led by Senior Associate Daniel Pikal and included Managing Associate Vendelin Balog and Junior Associate Pavlina Krausova.

Czech Republic Knowledge Partner

For more than 25 years PRK Partners has been providing top tier, comprehensive legal services in all areas of law – always at the highest professional level. The company’s offices in Prague, Ostrava and Bratislava, as well as its specialised teams of legal practitioners and tax advisors, allow PRK Partners to offer solutions to any kind of legal issues, providing an international point of view and in-depth knowledge of the respective local legal system.

The full-service law firm has worked on many of the region’s largest and most complex transactions. The firm puts emphasis on the highest standards of quality, efficiency and flexibility in its advisory services, which are tailored to the specific requirements of each client. 

Our team is composed of professionals with international education and experience. The firm frequently works on a non-exclusive basis with leading international law firms on large cross-border transactions.

PRK Partners is consistently recognised among the top law firms by leading international and domestic directories and ratings agencies and has been honoured with numerous awards: 

• National Law Firm of the Year 2016 by the Chambers Europe Awards, the most prestigious international law firm competition. This is the fifth award PRK Partners has received since the awards were first given; National Law Firm of the Year 2014, 2013 and 2010 and Law Firm of the Year 2012 for Best Client Service.

• 2018 Best Law Firm of the Year in the category of Banking &Finance and the absolute winner in the main category of the Domestic Law Firm of the Year awards organised by epravo.cz under the auspices of the Czech Bar Association three times since the award's inception (in 2016, 2013 and 2011).

• a finalist of the Central European Law Firm of the Year category in The Lawyer European Awards 2018. 

The firm has a strong commitment to corporate social responsibility and pro bono work.

PRK Partners is the exclusive member firm in the Czech Republic for Lex Mundi, the world’s leading network of independent law firms, with in-depth experience in 100+ countries worldwide. In addition, the firm is a member of Celia Alliance, AFI (Association for Foreign Investment) and CVCA (the Czech Private Equity and Venture Capital Association).

Firm's website: www.prkpartners.com

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