Clifford Chance Prague acted as Czech legal advisor to sole lead manager J&T BANKA and arranger J&T IB and Capital Markets on successful increase in CZK 6.5% bond issue to 1.06 billion CZK by the issuer ENERGO-PRO Green Finance. The bonds are secured by a guarantee provided by DK Holding Investments and the pledge of a minority stake in ENERGO-PRO as the bonds have been admitted to trading on a regulated market of the Prague Stock Exchange.
ENERGO-PRO Green Finance is a member of the group of companies whose core business is the distribution, supply and production of energy from renewable resources, in particular hydroelectric power. The ENERGO-PRO group operates around 40 hydropower plants in Central and Eastern Europe, the Caucasus and the Black Sea region (including the Karakurt and Alpaslan 2 hydropower plants located in Turkey and representing the largest Czech investment in the hydroelectric industry since November 1989) and is still expanding.
ENERGO-PRO Green Finace issued bonds with a total face value of CZK 530 million in 2020. J&T BANKA has witnessed strong investor demand for the additional bonds and expects the bond issue to pass from CZK 530 million to CZK 1.06 million.
The Clifford Chance team provided comprehensive Czech legal services in connection with the bond issuance, including the preparation of the prospectus and its supplement and the terms and conditions of the bonds as well as the security documentation and contractual agreements between the arranger, manager, administrator and security guard, on the one hand, and the issuer and guarantor of bonds, on the other. The team was supervised by partner Miloš Felgr, led by senior partner Vladimír Rýlich and assisted by partner Pavel Boguský and junior lawyer Kateřina Šlapáková.