Allen & Overy has advised Czech Gas Networks Investments S.a r.l on its successful issuance and placement of EUR 500 million notes with investors on international capital markets.
The notes, rated BBB+ by both S&P and Fitch, were listed on the Global Exchange Market of the Irish Stock Exchange plc trading as Euronext Dublin. The transaction follows last year’s successful debut notes issuances by CGNI on the international debt capital markets (as reported by CEE Legal Matters on August 3, 2020).
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. (the main distributor of natural gas in the Czech Republic) and GasNet Sluzby, s.r.o.
Work on the transaction was managed by an A&O Prague team led by Partner Petr Vybiral and including Associate Jana Chwaszcz and Junior Lawyer Denisa Jonasova. London-based Partner Tim Conduit advised on English law aspects, and Luxembourg law aspects were handled by Partner Paul Peporte and Associate Ruslana Hrischeva.