Allen & Overy has advised Czech Gas Networks Investments on its successful issuance and placement of EUR 600 million and CZK 6.75 billion notes with investors on international capital markets. Clifford Chance reportedly advised joint book-runners Citigroup Global Markets Europe AG, Societe Generale, UniCredit Bank AG, Ceska Sporitelna, a.s., Ceskoslovenska Obchodni Banka, a. s., and Komercni Banka, a.s., as well as trustee Citicorp Trustee Company Limited and the London branch of Citibank, which acted as the paying agent, transfer agent, and the agent bank.
According to Allen & Overy, “the notes, which are rated BBB+ by both S&P and Fitch, have been listed on the Global Exchange Market of the Irish Stock Exchange plc trading as Euronext Dublin. CGNI, which is owned by a consortium of long-term infrastructure investors, holds 100% of the share capital of Czech Grid Holding a.s., which in turn fully controls two core Czech businesses, operated by its subsidiaries: GasNet s.r.o. (which is the main distributor of natural gas in the Czech Republic) and GridServices s.r.o. The net proceeds from the notes have been used to partially refinance credit facilities used by CGNI to finance its acquisition of Czech Grid Holding a.s.”
Allen & Overy’s Prague-based team included Partner Petr Vybiral, Associate Jana Chwaszcz, and Junior Lawyer Denisa Jonasova. Its team in London included Partner Tim Conduit and Counsel Jan Skuhravy, and its team in Luxembourg included Partner Paul Peporte and Associate Ruslana Hrischeva.