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News from Members RTPR Allen & Overy advises Raiffeisen and Wood on the biggest private IPO

RTPR Allen & Overy advises Raiffeisen and Wood on the biggest private IPO

by RTPR Allen & Overy December 19, 2016

RTPR Allen & Overy has advised Raiffeisen Bank and Wood & Company Financial Services as managers on Med Life’s IPO, the biggest private IPO in Romania.

The RTPR Allen & Overy team was led by Costin Tărăcilă (Managing Partner) and Loredana Chitu (Boeru) (Counsel) and further comprised associate Tudor Năftică and junior associate Mihnea Radu.

Loredana Chitu (Boeru) commented: “The fantastic year of RTPR Allen & Overy ends with assisting Raiffeisen and Wood on the biggest private IPO in the history of the Bucharest Stock Exchange. We are proud to have assisted the banks on this RON 230 million listing of Med Life, executed in a challenging short timeline and proving that there is considerable interest in Romanian companies being listed in Bucharest and abroad.”

After having been the issuer’s counsel on the biggest non-private IPO (that of Electrica in 2014), RTPR Allen & Overy continues to expand its capital markets practice and consolidate the tier 1 law firm position in this area with yet another landmark transaction.
This follows an exceptional year for Allen & Overy’s global capital markets practice, which earlier this year was awarded Equity Team of the Year and Equity Deal of the Year (Worldpay IPO) at the IFLR European Awards 2016.

RTPR Allen & Overy’s main areas of activity are: financing, mergers and acquisitions, capital markets, insolvency and restructuring, competition, labour law, intellectual property law, litigation and arbitration, and providing advice across a range of business sectors including energy, telecommunications, finance, real estate and the pharmaceutical industry.

Selected capital markets transactions in which RTPR Allen & Overy have been involved are set out below:
• Electrica in relation to its IPO (issuer’s counsel) on the Bucharest Stock Exchange (BSE) and on the London Stock Exchange (LSE). This is the largest IPO on the Romanian market to date and the first primary offering of shares in Romania involving global depositary receipts.
• Deutsche Bank, Raiffeisen Bank International and J.P. Morgan, as Joint Lead Managers and Deutsche Trustee Company Limited, as Trustee on the issuance by NEPI of EUR 400 million high yield bonds.
• Alpha Bank AE on updating the base prospectus for its EUR 30,000,000,000 Euro Medium Term Note Programme.
• Schaeffler on the issue of high-yield bonds with a total volume of approximately EUR 1 billion and USD 600 million.
• BRD - Groupe Société Générale, acting as intermediary, in relation to the offering by Garanti Bank of unsecured bonds due in 2019 with a value of EUR 68 million.
• J.P. Morgan in relation to the issuance by Cable Communications Systems (CCS) of EUR 450 million senior secured notes guaranteed by the operational company RCS & RDS, a leading provider of pay TV services in core markets Romania and Hungary. This is the largest Romanian corporate bonds issuance to date.

Note to the editors:
1. Allen & Overy is an international legal practice with approximately 5,200 staff, including some 530 partners, working in 44 major cities worldwide.
2. RTPR was incorporated in 2004 and has been working in association with Allen & Overy since 2008. RTPR Allen & Overy has a team of 45 lawyers, including 5 partners: Costin Tărăcilă, Victor Pădurari, Alexandru Retevoescu, Mihai Ristici, Valentin Berea and also Prof Dr Lucian Mihai, Of counsel.
3. In this press release, “Allen & Overy” means Allen & Overy LLP and/or its affiliated undertakings.
4. In this press release, “RTPR Allen & Overy” means Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP.
5. Allen & Overy has been operating in the CEE region since 1991, when its first office opened in Warsaw. Since then, it has expanded its operations to include Prague, Budapest, Bucharest, Bratislava and Moscow, all of which are renowned in the market for top quality legal advice combined with local commercial understanding, as well as for their integrity and their pro-active approach to matters. Additionally, Allen & Overy signed an exclusive association with the leading full-service Romanian law firm Radu Tărăcilă Pădurari Retevoescu SCA (RTPR), effective from July 2008, expanding the number of CEE offices in which we are able to provide local law advice to six.

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