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Allen & Overy advises Czech Gas Networks Investments as the company enters the international debt capital markets

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Vybiral Petr
Petr Vybiral

Partner

Prague

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Paul Peporte
Paul Péporté

Partner

Luxembourg

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Conduit Tim
Tim Conduit

Partner

London

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Skuhravy Jan
Jan Skuhravy

Partner

London

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Chwaszcz Jana
Jana Chwaszcz

Senior Associate

Prague

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Ruslana Hrischeva

Senior Associate

Luxembourg

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29 July 2020

Allen & Overy has announced today that it advised Czech Gas Networks Investments S.à r.l (CGNI) on its successful issuance and placement of EUR 600 million and CZK 6.75 billion notes with investors on international capital markets (the Notes).

The Notes, which are rated BBB+ by both S&P and Fitch, have been listed on the Global Exchange Market of the Irish Stock Exchange plc trading as Euronext Dublin. CGNI, which is owned by a consortium of long-term infrastructure investors, holds 100% of the share capital of Czech Grid Holding, a.s., which in turn fully controls two core Czech businesses, operated by its subsidiaries: GasNet, s.r.o. (which is the main distributor of natural gas in the Czech Republic) and GridServices, s.r.o. The net proceeds from the Notes have been used to partially refinance credit facilities used by CGNI to finance its acquisition of Czech Grid Holding, a.s. 

Partner, Petr Vybíral comments: “We are delighted to have supported our long-term global client on yet another important transaction. The inaugural issuances of notes by CGNI mark a significant milestone in the life-cycle of this investment of our client, whom we have been advising and supporting from the original acquisition of a 35% stake in Czech Grid Holding, a.s., through the majority buy-out, and over to the entering of international capital markets.” 

Work on the transaction was managed by A&O Prague with the team being led by partner Petr Vybíral including associate Jana Chwaszcz and junior lawyer Denisa Jonášová. Partner, Tim Conduit, and counsel, Jan Skuhravý, advised on English law aspects of the transaction. The Luxembourg law aspects were handled by partner, Paul Peporte, together with associate Ruslana Hrischeva.

The Allen & Overy team worked closely throughout the transaction with the client as well as the local management team of Czech Grid Holding, a.s. led by Thomas Merker.

 

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