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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
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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

JŠK, advokátní kancelář, s.r.o. (JŠK) is a medium-sized law firm based in Prague providing a comprehensive range of commercial legal advisory services in the Czech Republic. Our team consists of almost 30 lawyers, five of whom are partners with many years of experience from leading international law firms. We advise local and international clients from banking, insurance and various industry sectors, boast a respected projects practice, and work for the public sector at the federal and municipal level.

Ever since it was founded in 2004, JŠK has striven for the epitome of professionalism, expertise and ethical integrity. We continuously seek to surpass what large global law firms can offer and to give our clients a personal approach. All mandates are equally important to us regardless of size as we guide clients through both complex and seemingly routine matters.

Our clients turn to us for advice when implementing their business plans across all areas of commercial law. We are proud members of PONTES: the CEE lawyers, a unique network of law firms through which we provide services not only in the Czech Republic but also in Austria, Bulgaria, Hungary, Poland, Romania and Slovakia.

Firm's website: http://www.jsk.cz

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