Bird & Bird and Kyriakides Georgopoulos have advised Bank Gospodarstwa Krajowego on a credit agreement annex.
The credit agreement, now annexed for the fourth time, was initially executed in 2018. Under the agreement, Bank Gospodarstwa Krajowego granted a credit of EUR 15.5 million for the development of an existing 4-star hotel and the construction of the new 5-star hotel on the Greek island of Zakynthos to Rainbow Tours S.A., as well as to White Olive A.E. and Rainbow Hotels A.E. – Greek companies which are part of the Polish Rainbow Tours Group.
According to Bird & Bird, “Annex No. 4 was signed in connection with the conclusion of an investment agreement by Rainbow Tours and White Olive with Fundusz Ekspansji Zagranicznej, managed by PFR Towarzystwo Funduszy Inwestycyjnych, under which FEZ invested in the development of the hotel business of the Rainbow Tours group on the Greek market. As a result of this investment, FEZ will become a minority shareholder in White Olive. The funds raised under the investment agreement with FEZ will be allocated to the acquisition of two further facilities by this company, thus expanding its hotel portfolio in Greece to five.”
Bird & Bird’s team included Counsel Maciej Georg and Junior Associate Filip Windak.
Kyriakides Georgopoulos’ team included Partner Konstantinos Vouterakos and Associate Zaphirenia Theodoraki.