Capital Markets

Helping our clients go further

We have one of the most dynamic capital markets practice on the Romanian market.

Our capital markets team is widely recognized as one of the market leaders and regularly advises prestigious issuers as well as the leading international investment banks (acting as managers). Our leading lawyers in the field have advised on some of the reference transactions for Romania, both in terms of domestic and international public offerings and listings.

Our experience in capital markets transactions means, beyond technical competency, that we are familiar with the dynamics of this type of projects and able to quickly integrate with and be helpful to, international counsel. We are well versed in the intricacies of Romanian and European capital markets rules and have extensive knowledge of the practice of the relevant regulators.

Our areas or work cover inter alia:

  • equity capital markets;
  • debt capital markets;
  • initial public offering and secondary offerings;
  • private placements;
  • corporate governance of listed companies.

We are ranked top tier in Chambers and Partners and Legal 500 in Capital markets.

Alexandru Birsan is ranked in Band 1 by Chambers Europe and is listed as a leading individual in Hall of fame by Legal 500. Olga Nita is ranked in Up & coming category by Chambers Europe and is listed as a rising star by Legal 500.

Recognitions

The team is “proactive and business-oriented and you can tell they work for the benefit of the client.”
Chambers, 2020

“They have an extensive and excellent knowledge and experience of their fields; in particular for understanding the requirements for debt issuance. They were able to quickly and correctly resolve any problems or questions, they were able to work until late and give us full and comprehensive support whenever we required it.”
Legal 500, 2020

“They are flexible, innovative and come up with interesting solutions.”
Chambers Europe, 2018

“They are service-minded and have a thorough but commercial approach to the issues at hand.”
Chambers, 2019

 

Client successes

  • assisted one of the largest banks in Romania in connection with the issuance of EUR-denominated unsecured subordinated Tier 2 Capital bonds in an aggregate nominal value of EUR 285 million., the largest transaction of this type in 2018;
  • assisted one of the main players on the Romanian banking services market with respect to the listing on the Bucharest Stock Exchange of RON-denominated, Tier 2 subordinated bonds, with a 10 years maturity and having a total value of RON 480 million and a 3.5% + 3 months Robor interest;
  • assisted a leading regional telecommunications and media group in connection with complex financings on the capital market, as follows:
    • refinancing Digi’s debt by way of a high yield bond issue of EUR 350 million, 5.0% coupon and due 2023 under Rule 144A of the USA Securities Act and a syndicated facility of RON 1.687 billion – the transaction was the largest private debt issuance with a Romanian component in 2016 and our team was the issuer’s and the guarantor’s lead counsel on matters of Romanian and EU law;
    • the 2016 issuance was supplemented in February 2019 by an EUR 200 million tap issuance of bonds, when we also assisted Digi Communications N.V. and managed to complete the transaction in a record time frame of one month; and
    • the issuance in February 2020 by RCS&RDS of its (i) EUR 450 million 2.50% senior secured notes due 2025 and (ii) EUR 400 million 3.25% senior secured notes due 2028, to be listed on the Official List of the Irish Stock Exchange (trading as Euronext Dublin) – this was one of the largest bond issues of a Romanian issuer.
  • assisted  the Romanian Ministry of Public Finance on the continuous update of their 41 billion EMTN programme and the carrying out of various trades based on the programme. The last issuance  within the programme took place in July 2020, when we assisted the issuer with its offering of USD 3.3 billion notes. The EMTN programme is the largest debt capital programme by a Romanian issuer and our team was the issuer’s lead counsel on matters of Romanian law;
  • assisted a leading regional telecommunications and media group in connection with its initial public offering of shares and subsequent listing on the Bucharest Stock Exchange. The transaction is the largest private domestic initial public offering which took place on the Bucharest Stock Exchange (the offering amounted to over EUR 190 million) and the first one of a media and telecommunications company.

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          Think ahead! Practice at Filip & Company!

            Vrei să știi cum îți vom utiliza datele cu caracter personal? Click aici pentru mai multe detalii.

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