BUSINESS LAW

PeliFilip assisted Cable Communications Systems N.V. and RCS & RDS S.A. in relation to the refinancing of their existing loans.
PeliFilip advised on the EUR 350 million bond issue made by Cable Communications Systems N.V. at a price of EUR 100,000 per bond, maturing in 2023 and with a 5% annual coupon.

The bond issue is guaranteed by RCS & RDS S.A. The bonds are expected to be issued on 26 October 2016 and they will thereafter be admitted to trading on the Irish Stock Exchange, on the Global Exchange market.

Freshfields Bruckhaus Deringer international law firm provided legal assistance to the issuer and to RCS & RDS S.A. in relation to the relevant legislation of the U.S.A., Great Britain, the Netherlands and Spain.

The transaction also consisted in the obtaining by RCS & RDS S.A. on 7 October 2016 of a syndicated loan worth a total of RON 1.687 billion, made up of three credit facilities. The mandated lead arrangers of the loan agreement were BRD – Groupe Société Générale S.A., Citibank N.A., London Branch, ING Bank N.V. and UniCredit Bank S.A., whereas Citibank Europe plc, UK Branch acted as a facility agent. The drawdown on the facilities provided through the loan agreement is dependent upon the completion of certain operations that are common for both the loan and the bond issue.

The amounts obtained as a result of these two operations were used for the early repayment of bonds worth a total of EUR 450 million issued by Cable Communications Systems in 2013, as well as of certain facilities taken out by RCS & RDS S.A. in 2015 and in 2016, respectively. The amounts remaining available after the repayments mentioned above will be used to finance the current activities of RCS & RDS S.A.

“Cable Communications Systems Group / RCS & RDS S.A. is the most dynamic and courageous issuer among the companies that carry out the majority of their business in Romania. If in 2013 they opened the market for international corporate bonds, in 2016 they are already an issuer that proved to its international investors that it deserved their trust. The result is a decrease by a third in the interest and a substantial improvement of the terms and conditions relating to the bonds issued by the Group. This type of project is remarkably complex but the satisfaction of success is also very high. We hope that our clients will continue to be successful and give us reasons to rejoice with them.” (Alexandru Bîrsan, PeliFilip partner)

PeliFilip assisted Cable Communications Systems N.V. and RCS & RDS S.A.
NEWS & PUBLICATIONS

26.10.2016