BOYANOV & Co.’s Banking & Finance practice stands as a beacon of legal excellence in the financial sector, with over three decades of unparalleled service. Our key highlights include:
- Extensive Experience: Spearheading finance transactions, our practice covers everything from bilateral bank loans to complex syndicated loans, bond issues, and sovereign debt. We have advised on most banking M&A deals in Bulgaria, showcasing our depth of expertise and market leadership.
- Legislative Advocacy: We are committed to enhancing the syndicated financing framework among local banks. Our efforts include:
– Advocating for legislative amendments
– Developing local LMA-based templates for syndicated loans
- Industry Relationship: Our team maintains strong connections with Bulgaria’s major banks, providing:
– Regular legal training for bank staff
– Close collaboration on legal and regulatory matters
- Innovation in FinTech and Crypto: We are at the forefront of advising leading companies in the FinTech and crypto sectors. This demonstrates our adaptability and expertise in emerging financial technologies.
- Expert Team: Our core team consists of seasoned professionals, each with over 20 years of experience in banking and finance transactions. This includes experts who have served as in-house legal counsels for some of Bulgaria’s largest banks, offering invaluable insights and practical knowledge.
- Rankings: We have consistently been ranked first by the major international legal directories, such as Chambers and Partners, Legal 500, and IFLR1000.
Services:
- project financing
- acquisition financing
- real estate financing
- syndicated loans
- corporate bonds
- refinancings
- securitisations
- loan portfolio sales
- financial services regulatory advice
- assistance in licensing or registration of providers of financial services
We are committed to delivering practical solutions tailored to each client’s unique needs. We embrace innovative approaches and think creatively to achieve the best outcomes.
Project financing
We advise both lenders and borrowers on the financing of various projects, such as the development of renewable power plants, manufacturing facilities, etc. When required by the needs of the financing, we also assist lenders with undertaking legal due diligence of the project.
Notable deals and cases
- Advised OTP Bank Plc (Hungary) and DSK Bank AD (Bulgaria): Assisted in the refinancing of MET Renewables AG (Switzerland) for the acquisition of a 60MW wind park in North East Bulgaria from Eolica Bulgaria
- Advised OTP Bank and DSK Bank: Provided counsel on syndicated financings for the acquisition of a 42MW wind power plant in Bulgaria
- Advised DSK Bank: Advised on the financing of the construction of the 123MW Verilla PV power plant near Dupnitsa, Bulgaria
- Advised a Syndicate of Banks: Assisted UniCredit Bulbank, United Bulgarian Bank, Eurobank Bulgaria, and Raiffeisen Bank International in financing the construction and operation of a 160MW photovoltaic power plant in the Maglizh Municipality, Bulgaria
Acquisition financing
We advise both lenders and borrowers on the financing of the acquisition of shares in companies or businesses. When required by the needs of the financing, we are also assisting the lenders with undertaking legal due diligence of the project.
Notable deals and cases
- Advised UniCredit Bulbank and United Bulgarian Bank: Assisted in the financing of Plastchim-T’s acquisition of Manucor S.p.A, Italy
- Advised J.P. Morgan and Lenders: Provided counsel to a syndicate of major international and local banks on financing a subsidiary of Eurohold Bulgaria for the acquisition of CEZ’s electricity distribution business in Bulgaria, including subsequent refinancing and facility increase
- Advised J.P. Morgan and Wilmington Trust: Advised the Agent and Security Agent in relation to the accession of Alvogen Pharma Trading Europe EOOD as an additional guarantor to loan agreements totaling over €2 billion, financing Zentiva’s acquisition of Alvogen group companies
- Advised a Syndicate of Banks Led by Česká Spořitelna: Provided guidance on the Bulgarian law aspects of financing to support KKCG Group and its portfolio company ARICOMA Group International AB in acquiring Musala Soft, a prominent Bulgarian software company, and its subsidiaries, as well as on the subsequent refinancing of the loan a year later
- Advised Eurobank S.A. and Alpha Bank S.A.: Assisted with the Bulgarian law aspects of financing Tyrbul, the Bulgarian subsidiary of Hellenic Dairies S.A., in acquiring United Milk Company, a leading Bulgarian dairy producing and marketing various milk products under multiple brand names
Real estate financing
We advise both lenders and borrowers on the financing of various real estate developments, such as hotels, office buildings, shopping malls, logistic centers, etc. When required by the needs of the financing, we are also assisting the lenders with undertaking legal due diligence of the project.
Notable deals and cases
- Advised Great German Stores AZ S.a r.l., Luxembourg: Advised the client on adding its Bulgarian subsidiary as an Obligor to EUR 4.8 million financing for a logistics base in Sofia, leased to DHL Bulgaria
- Advised Eurobank S.A. Group: Assisted in the financing of two shopping centers in Bulgaria – Mall Galleria Burgas and Mall Galleria Stara Zagora
- Advising Raiffeisenbank International AG: Provideа counsel on the financing of the construction of Sofia Airport Center, a major logistics center near Sofia Airport, and subsequent restructurings of such financing
- Advising ITower: Assisted in the financing of the construction of the first Marriott Hotel in Sofia by Eurobank and Black Sea Trade and Development Bank
- Advising Eurobank Bulgaria: Advises on the financing of a mixed office, hotel, and apartment building in downtown Sofia, featuring the first-ever Marriott Hotel in Sofia
- Advised J.P. Morgan and Wilmington Trust: Advised the Agent and Security Agent with the accession of Alvogen Pharma Trading Europe EOOD as an additional guarantor to loan agreements totaling more than €2 billion, financing Zentiva’s acquisition of Alvogen group companies
- Advised Barclays Bank and HSBC: Assisted with a loan for a shopping mall in Bulgaria and subsequently on its refinancing by a new lender
- Advised Sofia South Ring Mall EAD: Provided counsel to the borrower, owned by Greek companies Fourlis Group and Danaos Corporation (local franchisees of IKEA), on the financing of the development of Sofia South Ring Mall, one of the largest malls in Sofia
Corporate bonds
We advise both issuers and underwriters on bond issuance and local security or corporate guarantees thereof, as well as local aspects of prospectuses (offering memoranda).
Notable deals and cases
- Advised Credit Suisse and Morgan Stanley: Advised the initial purchasers of EUR 275 million secured notes issued by Standard Profil Automotive GmbH (Germany), a leading supplier of sealing profiles for automotive manufacturers
- Advised the Lead Manager: Provided counsel on a bond issue by Energo-Pro Varna, a holding company of several large energy companies in Bulgaria, including the electricity distribution company in Northeast Bulgaria
- Advised BNP Paribas, Citigroup Global Markets Limited, and J.P. Morgan Securities: Assisted with notes issued by Energo-Pro a.s. and guaranteed by its local subsidiary, Energo-Pro Varna EAD, the electricity distribution company in Northeast Bulgaria
- Advised JP Morgan: Provided guidance on hedging transactions under ISDA documentation with the Bulgarian State in relation to a Eurobond issue
- Advised Citigroup Global Markets Limited: Advised the underwriter of notes issued by Glasstank B.V., a Dutch SPV of the Yioula Group, a leading producer of glass containers for the food and beverage industries in the Balkan region, with main production subsidiaries in Bulgaria and Romania
- Advised Vivacom: Assisted the leading Bulgarian telecommunications business in refinancing EUR 400 million senior secured notes
- Advised Credit Suisse Securities (USA) LLC: Advised the representative of the initial purchasers of USD 400 million global senior secured notes (a Rule 144A offering) issued by Contour Global Power Holding S.A., with an underlying material subsidiary in Bulgaria, Contour Global Maritsa East 3 AD, one of the three largest thermal power plants in Bulgaria
- Advised Global Steel Holdings Limited and Kremikovtzi AD: Provided counsel on a Eurobonds issue for what was once the largest steel mill in Bulgaria
Syndicated loans
We are particularly versed in syndicated loans based on the LMA templates. We can draft and/or negotiate LMA-based loan agreements. We have also developed a Bulgarian law governed LMA-based loan agreement adapted to Bulgarian law and available in English and Bulgarian languages.
Notable deals and cases
- Advised UniCredit Bulbank and United Bulgarian Bank: Assisted in the financing of Plastchim-T’s acquisition of Manucor S.p.A, Italy
- Advised OTP Bank Plc (Hungary) and DSK Bank AD (Bulgaria): Provided counsel on the refinancing of MET Renewables AG (Switzerland) for the acquisition of a 60MW wind park in North East Bulgaria from Eolica Bulgaria
- Advised OTP Bank and DSK Bank: Assisted with syndicated financings for the acquisition of a 42MW wind power plant in Bulgaria
- Advised a Syndicate of Banks: Guided UniCredit Bulbank, United Bulgarian Bank, Eurobank Bulgaria, and Raiffeisen Bank International on the financing of the construction and operation of a 160MW photovoltaic power plant in the Maglizh Municipality, Bulgaria
- Advised a Syndicate of Banks Led by Česká spořitelna: Assisted with the Bulgarian law aspects of financing to support KKCG Group and its portfolio company ARICOMA Group International AB in acquiring Musala Soft, a prominent Bulgarian software company, and its subsidiaries, as well as on the subsequent refinancing of the loan a year later
- Advised Eurobank S.A. and Alpha Bank S.A.: Provided counsel on the Bulgarian law aspects of financing Tyrbul, the Bulgarian subsidiary of Hellenic Dairies S.A., in acquiring United Milk Company, a leading Bulgarian dairy producing and marketing various milk products under multiple brand names
