Capital Markets

Bernitsas Advises Piraeus Financial Holdings on a Liability Management Exercise and Issuance of Tier 2 Notes

Bernitsas has advised Piraeus Financial Holdings on a liability management exercise consisting of an invitation made to holders of its outstanding EUR 500 million fixed-rate reset tier 2 notes due February 2030 to tender their notes for purchase by PFH for cash and on the issuance and offering to international and domestic institutional investors through a bookbuilding process of EUR 650 million tier 2 fixed rate reset notes due September 2035, as well as on the listing of the new notes on the Euro MTF market of the Luxembourg Stock Exchange.

Ellex and Kirkland & Ellis Advise Advent International on Acquisition of Nuvei Corporation

Ellex, working with Kirkland & Ellis, has advised Advent International on its acquisition of Nuvei Corporation. Stikeman Elliott and Sorainen reportedly advised Nuvei.

Phantom Stock Option Plan – a Modern Method of Motivating Managers Gaining Popularity in CEE

Startups are keen to use motivational tools like the Employee Stock Option Plan (ESOP). These programs do not burden the company with the economic cost of paying additional cash compensation. This way, startups can preserve their cash flow, which is especially sensitive during the initial stages of business development. Simultaneously, such programs effectively motivate employees, who have an interest in increasing the value of the company, as they become its co-owners. For this reason, the cap table of almost every startup today includes an entry for an option pool. However, not every founder wants or can commit to permanently transferring part of the company to employees. In such cases, the Phantom Stock Option Plan (PSOP) presents an interesting alternative.

TGS Baltic and Cobalt Advise on AirBaltic's EUR 40 Million Issuance

TGS Baltic, working with Linklaters, has advised sole bookrunner Citigroup Global Markets Europe on the tap issue of EUR 40 million 14.50% senior secured bonds by the Latvian national airline AirBaltic. Cobalt, working with Dentons, advised AirBaltic.

Clifford Chance Advises mBank on PLN 530 Million Green Bond Issuance for R.Power

Clifford Chance has advised mBank on R.Power's issuance of three series of secured green bonds with a total nominal value of PLN 530 million.

Regulation of Crypto Assets in Bulgaria

The MICA (Markets in Crypto-Assets) Regulation was formally adopted by the European Parliament on 20 April 2023 and approved by the Council of the European Union on 16 May 2023. The adoption of MICA is in response to the growing need for regulation in the rapidly evolving world of crypto-assets and represents an important step towards building a stable and secure financial system in the EU.