Our team provided comprehensive English and Slovak law advice on the programme establishment and the inaugural drawdown. The scope of work reflected the customary requirements for investment-grade EMTN structures, including programme documentation, due diligence and execution of the transaction.
Miloš Felgr, managing partner at Clifford Chance Prague Association, commented: “We are proud to have supported BNP PARIBAS and the syndicate on Slovenské elektrárne’s first EMTN Programme and bond issuance. This transaction builds on our earlier work, when we advised a banking club on Slovenské elektrárne’s EUR 3.6 billion refinancing, the largest corporate debt refinancing in Slovakia's history. Together, these mandates underline our ability to accompany clients across the full spectrum of financing solutions and reflect the strong confidence placed in Clifford Chance by leading financial institutions.”
Slovenské elektrárne is the largest electricity producer in Slovakia and one of the largest in Central Europe. It also produces and sells heat and provides support services for the electricity system. Slovenské elektrárne operates 31 hydroelectric, two nuclear, and two photovoltaic power plants with a total net installed capacity of approximately 3.9 GW. Slovenské elektrárne currently has two shareholders. The majority shareholder is Energetický a průmyslový holding (EPH) , which owns 66%. The remaining 34% stake is owned by the Slovak Republic.
The legal team was led by managing partner Miloš Felgr and Matt Fairclough, partner from our London office and senior associates Ayan Koshal and Stanislav Holec, with support from senior associate Vladimír Rýlich and associate Teninlanimi Owolabi.