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Allen & Overy Advises Banks on Czechoslovak Group Bond Exchange Offer and Issuance

Allen & Overy Advises Banks on Czechoslovak Group Bond Exchange Offer and Issuance

Czech Republic

Allen & Overy has advised Ceska Sporitelna, UniCredit Bank Czech Republic and Slovakia, and Komercni Banka on the Czechoslovak Group's exchange offer, issuance of new bonds, and partial cash settlement.

All three banks were joint lead managers, Ceska Sporitelna and UniCredit Bank Czech Republic and Slovakia were joint exchange managers, and Ceska Sporitelna alone was coordinator, calculation agent, listing agent, and fiscal and paying agent.

The Czechoslovak Group, a holding of Czech and Slovak industrial and trade companies, invited holders of its outstanding domestic bonds (due 2021) to exchange their existing bonds for newly issued CZK 2 billion domestic bonds due 2024. Holders of CZK 771 million existing bonds accepted the exchange offer, while the remaining amount of the newly issued bonds were sold to investors.

According to Allen & Overy “this is a first-of-its-kind transaction on the Czech market involving an exchange offer in respect of wholesale domestic bonds for retail domestic bonds, both admitted to trading on the regulated market of the Prague Stock Exchange.” 

The Allen & Overy team included Counsel Petr Vybiral, and Associates Jana Chwaszcz and Tomas Kafka.  

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