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Adaugat in data de 08-02-2011 |
Clifford Chance advises EFSF on EUR 27 billion Debt Issuance Programme and inaugural EFSF issue of EUR 5 billion
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On 18 January 2011, the EUR 27 billion Debt Issuance Programme of the European Financial Stability Facility ("EFSF") was established and admitted to listing on the Luxembourg Stock Exchange. On 25 January 2011 EFSF announced that it had successfully placed its inaugural bond of EUR 5 billion which was heavily oversubscribed with a record-breaking order book of EUR 45.5 billion.
EFSF was incorporated as a Luxembourg corporate entity in June 2010 for the purpose of providing stability support loans to euro-area Member States which experience financial difficulties. It will finance such loans by the issuance of debt securities backed by up to EUR 440 billion of guarantees which euro-area Member States have committed to issue. All three leading ratings agencies have published provisional ratings of AAA, Aaa or AAA in relation to the securities to be issued by EFSF.
An international team at Clifford Chance led by Jonathan Lewis of the Paris office advised EFSF on the debt issuance programme and on the initial issuance of EUR 5 billion under the programme. The team also included Cédric Burford, Gemma Doyle and Sophie Guilhem-Ducléon (Paris), Christian Kremer, Steve Jacoby, Antonio Colino, Yoanna Stefanova and Louis Mamere (Luxembourg), Marc Benzler, George Hacket, David Detweiler and Holger Schelling (Frankfurt) and David Dunnigan, Robert Trefny, Simon James, George Georgiev and Patrick Dougherty (London).
The work on the debt issuance programme marks a further step in the significant involvement of Clifford Chance in advising in relation to the sovereign debt crisis in the euro zone: in spring of 2010, a team led by Jonathan Lewis and Frédérick Lacroix advised the European Commission in relation to the coordination and negotiation of the EUR 80 billion stability support loan provided by euro area Member States to Greece; in June 2010, a team comprised of Jonathan Lewis (Paris), Christian Kremer and Steve Jacoby (Luxembourg) and Simon James (London) advised on the creation and the incorporation of EFSF, the Framework Agreement which sets out the operational framework for EFSF and in relation to the subsequent ratings process; in December 2010, a team led by Jonathan Lewis advised in relation to the first loan facility agreement entered into between EFSF and Ireland.
The EUR 27 billion debt issuance programme is designed to raise in the capital markets the funds necessary to make loan disbursements to Ireland under its loan facility agreement.
Clifford Chance opened an office in Bucharest in June 2006, it operates as Badea Clifford Chance and was constantly involved in complex transactions involving syndicated loans, project finance, restructuring, issues of Eurobonds and shares on international capital markets, derivatives, acquisitions of companies by strategic investors or private equity funds, infrastructure and highways projects, real estate investments etc.
Badea Clifford Chance ranks first among law firms in Romania under the section of Banking & Finance in 2010 according to the most recent editions of Legal 500 and Chambers and Partners Global..
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