July 2014 – Kinstellar advised NET4GAS, the Czech gas transmission system operator, on the optimisation of its capital structure, including corporate bonds and bank loans amounting to approximately EUR 1.115 billion.
The refinancing follows the acquisition of NET4GAS by Allianz Capital Partners and Borealis Infrastructure Management, which was the largest M&A transaction in the energy sector in the Czech Republic in 2013. The refinancing is among the leading finance transactions in the Czech Republic in 2014 so far and involved an analysis of a number of complex and challenging regulatory, structuring, and public procurement issues.
The bond issue and bank loans were divided into 6.5 year, 7 year and 12 year bonds totaling more than EUR 715 million and bank loans of approximately EUR 400 million. The 6.5-year CZK-denominated bonds were placed in the Czech Republic and attracted a degree high of interest from many Czech investors. The CZK 7 billion placement is the largest corporate bond issuance denominated in Czech crowns in the history of the Czech Republic.
Other advisors on the refinancing included BNP Paribas as financial advisor and Linklaters, Arthur Cox and Allen & Overy, as legal advisors.