Allen & Overy has advised Czech Gas Networks Investments S.à r.l (CGNI) on its successful issuance and placement of EUR 500 million notes with investors on international capital markets (the Notes). The Notes, 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. The transaction follows last year’s successful debut notes issuances by CGNI on the international debt capital markets.
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. (being the main distributor of natural gas in the Czech Republic) and GasNet Služby, s.r.o.
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 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 with the client as well as the local management team of Czech Grid Holding, a.s., led by Thomas Merker, Chief Financial Officer of Czech Grid Holding, a.s., who commented: “Allen & Overy has played a crucial role in the successful transaction. Its highly experienced team of professionals with in-depth knowledge has proven to be a driving force of the deal. We truly appreciated their strong work ethic, dedication and professional expertise.”