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Clifford Chance and White & Case Advise on Refinancing of AAA Auto International

Clifford Chance and White & Case Advise on Refinancing of AAA Auto International

Czech Republic

Clifford Chance's Prague office has advised the regional used car dealership AAA Auto International a.s. in connection with the planned refinancing of the acquisition of the company and agreeing the terms of operating loans for its entire group from CSOB.

The firm negotiated the facility agreement, security documentation, and related interest insurance, and assisted in fulfilling the conditions of the loan drawdown. The Prague team provided the advice under Czech and Slovak law as well as the coordinating the services of external counsel in Cyprus.

According to Clifford Chance, "AAA Auto International has been engaged in the sale of used cars for over 25 years, and also focuses on providing financial services and ICT development. It is the most successful company on the used car market in Central and Eastern Europe. The majority owner of the company is currently the UK-Polish private equity fund Abris Capital Partners."

Clifford Chance's legal team was led by Partner Milos Felgr, who reported being "delighted to have the opportunity to represent such a well-known market participant as AAA Auto." According to Felgr, "it was a pleasure to work with a client that had clear objectives and one that was so forthcoming and cooperative. This directness led to the successful completion of this complex cross-border transaction in such a short period. We look forward to the opportunity for further collaboration."

Felgr was primarily assisted by Clifford Chance Junior Associate Pavel Bogusky and Senior Associate Stanislav Holec, who advised on the Slovak law aspects of the transaction.

Jan Siroky, Senior Lawyer at AAA Auto International, explained that: "We selected Clifford Chance based on their excellent performance when advising AAA AUTO Group on its disposal in 2014. Milos Felgr and his team used their experience and expertise to ensure a smooth transaction, guiding us through the complexities of this refinancing. Their advice helped us to negotiate a very competitive offer for which they have our sincere gratitude."

The White & Case team advising CSOB included Partner David Plch and Associates Ida Kucerova and Simona Rapava.

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For more than 25 years PRK Partners has been providing top tier, comprehensive legal services in all areas of law – always at the highest professional level. The company’s offices in Prague, Ostrava and Bratislava, as well as its specialised teams of legal practitioners and tax advisors, allow PRK Partners to offer solutions to any kind of legal issues, providing an international point of view and in-depth knowledge of the respective local legal system.

The full-service law firm has worked on many of the region’s largest and most complex transactions. The firm puts emphasis on the highest standards of quality, efficiency and flexibility in its advisory services, which are tailored to the specific requirements of each client. 

Our team is composed of professionals with international education and experience. The firm frequently works on a non-exclusive basis with leading international law firms on large cross-border transactions.

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• National Law Firm of the Year 2016 by the Chambers Europe Awards, the most prestigious international law firm competition. This is the fifth award PRK Partners has received since the awards were first given; National Law Firm of the Year 2014, 2013 and 2010 and Law Firm of the Year 2012 for Best Client Service.

• 2018 Best Law Firm of the Year in the category of Banking &Finance and the absolute winner in the main category of the Domestic Law Firm of the Year awards organised by epravo.cz under the auspices of the Czech Bar Association three times since the award's inception (in 2016, 2013 and 2011).

• a finalist of the Central European Law Firm of the Year category in The Lawyer European Awards 2018. 

The firm has a strong commitment to corporate social responsibility and pro bono work.

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