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Havel & Partners and BPV Braun Partners Advise on Progroup Refinancing

Havel & Partners and BPV Braun Partners Advise on Progroup Refinancing

Czech Republic
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Havel & Partners and the Frankfurt office of Latham & Watkins have advised a consortium of banks as initial purchasers of 3% senior secured notes in an aggregate principal amount of EUR 450 million due in 2026 issued by Progroup AG and a second consortium of banks in relation to several facilities agreements in an aggregate of more than EUR 600 million (equivalent). Mayer Brown's Dusseldorf office and bpv Braun Partners advised Progroup on German law and Czech law, respectively.

The bond issuance and the restatements of the facilities agreement were two parts of a large single transaction.

The consortium of banks that purchased the secured notes from Progroup consisted of Deutsche Bank AG, London Branch, Commerzbank Aktiengesellschaft, HSBC Bank plc, Goldman Sachs International, and J.P. Morgan Securities plc.

The second consortium of banks that issued loans to Progroup consisted of Commerzbank Aktiengesellschaft, HSBC Trinkaus & Burkhardt AG, Deutsche Bank Luxembourg S.A., Goldman Sachs International, Goldman Sachs International Bank, J.P. Morgan Securities plc, Deutsche Bank AG, London Branch, IKB Deutsche Industriebank AG, Goldman Sachs Lending Partners LLC, Goldman Sachs Bank USA, and Wilmington Trust (London) Limited.

According to Havel & Partners, Progroup decided to refinance its maturing bonds by way of a new tap under its existing bond program and made certain amendments (subject to a non-disclosure agreement) to its existing facilities agreements.

Progroup AG is a family-owned manufacturer of containerboard and corrugated board in Central Europe, with subsidiaries based in Germany, Czech Republic, Poland, and the UK — co-obligors under this cross-border transaction.

The Havel & Partners team consisted of Associate Michal Ranostaj and Junior Associate Petra Batovska.

The bpv Braun Partners team consisted of Partner David Vosol and Senior Associate Zuzana Stepankova.

Czech Republic Knowledge Partner

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.

Firm's website: https://www.havelpartners.cz/en/

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