Sun, Mar
42 New Articles

Allen & Overy and White & Case Advise on NET4GAS Bond Issuance

Allen & Overy and White & Case Advise on NET4GAS Bond Issuance

Czech Republic
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Allen & Overy has advised Ceska Sporitelna, serving as dealer manager, lead manager, delivery agent, listing agent, fiscal agent, and paying agent, on exchange and tender offers and the issuance of Czech koruna-denominated and Czech law-governed domestic bonds by Czech gas transmission operator NET4GAS. White & Case advised NET4GAS on the deal.

NET4GAS issued a CZK 2.64 billion (USD 119.43 million) bond due in 2025 in a deal which partially refinanced its outstanding debt and prolonged its liabilities, while the total outstanding debt remained unchanged. Investors swapped out of a 2021 bond via the exchange and tender offer managed by Ceska Sporitelna, the Czech subsidiary of Erste Group Bank.

According to Allen & Overy, the transaction is unique and truly innovative as it represents a first-of-its-kind exchange offer involving a switch from international notes (issued on the Eurobond market with ‘XS’ ISIN and cleared through Euroclear and Clearstream) into domestic bonds (issued and primarily settled locally into the Czech Central Depository with a ‘CZ’ ISIN and cleared as well as held outside the international clearing systems). This, Allen & Overy reported, combined with the fact that a cash offer and issuance of additional new bonds were also involved, added significant complexity to the transaction and, in particular, to the way the participation and settlement mechanics were designed and structured. The new bonds were admitted to trading on a regulated market of the Prague Stock Exchange. 

The A&O team was headed by Prague-based Senior Associate Petr Vybiral, supported by Associate Jana Chwaszcz and Junior Lawyer Tomas Kafka. The A&O London team was led by Senior Partner Philip Smith, assisted by Senior Associate Louise Hennessey.

The White & Case team was led by Local Prague Partner Petr Hudec, Prague-based Partner Vit Stehlik, and London-based Partner Stuart Matty and included Prague-based Associates Petr Smerkl, Jan Vacula, and Erik Illmann and London-based Associate James Clark.

Czech Republic Knowledge Partner

PRK Partners, one of the leading Central European law firms, has been helping clients achieve their business objectives almost 30 years. Our team of lawyers, based in our Prague, Ostrava, and Bratislava offices, has a unique knowledge of Czech and Slovak law and of the business environment. Our lawyers studied at top law schools in the United States, United Kingdom, Switzerland and elsewhere. They also have experience working for leading international and domestic law firms in a number of jurisdictions. We speak your language, too. Our legal team is fluent in more than 15 languages, including all the key languages of the region.

PRK Partners has one of the most experienced legal teams on the market. We are consistently rated as one of the leading law firms in the region. We have received many significant honours and awards for our work. We represent the interests of international clients operating in the Czech Republic in an efficient way, combining local knowledge with an understanding of their global requirements in a business-friendly approach. We are one of the largest law firms in the Czech Republic and Slovakia. Our specialised teams of lawyers and tax advisors advise major global corporations as well as local companies. We provide comprehensive legal advice drawing on our profound knowledge of local law and markets.

Our legal advice delivers tangible results – as proven by our strong track record. We are the only Czech member firm of Lex Mundi, the world's leading network of independent law firms. As one of the leading law firms in the region, we have received many national and international awards, in some cases several years in a row. Honours include the Chambers Europe Award for Excellence, The Lawyer and Czech and Slovak Law Firm of the Year. Thanks to our close cooperation with leading international law firms and strong local players, we can serve clients in multiple jurisdictions around the globe. Our strong network means that we can meet your needs, wherever you do business.

PRK Partners has been repeatedly voted among the most socially responsible firms in the category of small and mid-sized firms and was awarded the bronze certificate at the annual TOP Responsible Firm of the Year Awards.

Our work is not only “business”: we have participated on a longstanding basis in a wide variety of pro bono projects and supported our partners from the non-profit sector (Kaplicky Centre Endowment Fund, Tereza Maxová Foundation, Czech Donors Forum, etc.).

Firm's website: www.prkpartners.com

Our Latest Issue