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Dentons Advises CPI Property Group on EUR 1 Billion Notes Issuance

Dentons Advises CPI Property Group on EUR 1 Billion Notes Issuance

Czech Republic
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Dentons has advised CPI Property on the issuance of EUR 650 million 1.500% senior notes due 27 January 2031 and EUR 400 million 3.750% resettable undated subordinated notes callable in July 2028.

CPI Property Group is a Luxembourg-based owner of office and retail space, hotels, agricultural, industrial, and logistics properties in the Czech Republic and Berlin, among other locations.

According to Dentons, “the new notes, which were issued under CPIPG’s EUR 8 billion Euro Medium Term Note Program, received significant investor interest with approximately EUR 3 billion in demand.” In addition, the firm reported, “the proceeds of the issuance of the new notes will be used for CPIPG's general corporate purposes, as well as the redemption of approximately EUR 750 million of CPIPG's outstanding senior unsecured and undated subordinated bonds which mature or are callable in 2022, 2023, and 2024.”

Furthermore, the firm reported that “the new notes were issued in connection with a tender offer announced by CPIPG on  January 18, 2021, targeting its EUR 550 million 4.375% undated subordinated notes callable in 2023 and EUR 825 million 2.125% senior notes due 2024.” According to the firm, “the rationale for the tender offer was to extend CPIPG's debt maturity profile [and] on January 25, 2021,  more than EUR 213 million of the 2023 hybrids and approximately EUR 129 million of the 2024 notes were accepted for purchase in the tender offer.”

The Dentons team included in London, Partner Nick Hayday, Senior Associate Victoria Wyer, Associates Moeen Qayum and Niharika Khimji, and Trainee Ekaterina Merabishvili, and in Luxembourg, Partner Stephane Hadet, Counsel Olivier Lesage, and Associate Pierre Hever.

Dentons did not reply to an inquiry about the deal.

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HAVEL & PARTNERS, attorneys-at-law, with offices in Prague, Brno, Bratislava, Pilsen, Olomouc, and Ostrava, has a team of 220 lawyers, tax advisors and 500 employees in total, is the largest independent law firm in Central Europe.

Our clients include large international companies, leading Czech and Slovak firms, including strategic state-owned companies and public sector authorities, as well as medium-size businesses, individual entrepreneurs, and investors. We advise approximately 100 of the Fortune 500 companies, and almost 50 of the Czech Top 100 companies. HAVEL & PARTNERS currently provides its services to a total of 2,000 clients. We have the most comprehensive international support available to both Czech and Slovak law firms. We provide legal and tax advice in 12 world languages in more than 90 countries around the globe. Up to 70 % of the transactions we deal with involve an international aspect.

HAVEL & PARTNERS was named the best law firm operating in the Czech Republic by the prestigious British rating agencies Chambers and Partners (2020) and Who’s Who Legal (2018, 2019). It is also the most successful law firm, providing the most comprehensive legal services in the Czech Republic and Slovakia, based on the total number of all nominations and awards in all years of the Law Firm of the Year awards. The firm became the absolute winner of this competition four times in the last six years, receiving the main award Domestic Law Firm of the Year in the Czech Republic (2015, 2017, 2018, 2020) and ranking as one of the most recommended law firms in all categories of law. Our company is also a three-time winner of the Law Firm of the Year award for Best Client Services (2015, 2016, 2019). In the field of M&A, HAVEL & PARTNERS is the best law firm in the Czech Republic based on the annual International Advisory Experts awards (2018, 2019). In Slovakia, it also won the prestigious global M&A Today Awards (2013–2018) for Mergers & Acquisitions six times in a row, and repeatedly won first place in the ranking by Lawyer International Legal 100 (2017, 2018). Prestigious international rating agencies EMIS DealWatch and Mergermarket have ranked HAVEL & PARTNERS among the leading law firms by the number of transactions completed in the entire CEE region since 2009. Based on annual awards of the Acquisition International magazine, HAVEL & PARTNERS has become the Law Firm of the Year 2019 in the M&A category in the CEE region.

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