White & Case advises on Dr. Max’s CZK 3.5 billion retail note issuance and CZK 20 billion domestic bond programme update

Global law firm White & Case LLP has advised Česká spořitelna, Československá obchodní banka, J&T BANKA, Komerční banka and UniCredit Bank Czech Republic and Slovakia as joint lead managers, and Penta Bank as co-manager, on the issuance of CZK 3.5 billion (approximately €140 million) 7.25% guaranteed notes by Dr. Max, a leading European pharmacy chain.

The notes were issued under Dr. Max's CZK 20 billion (approximately €830 million) note programme, established in 2025, with White & Case advising on both the programme's establishment and its annual update earlier in 2026.The notes, issued by Dr. Max Funding CR, s.r.o. and guaranteed by its parent company Dr. Max Group Holdings Plc, are listed on the regulated market of the Prague Stock Exchange.

White & Case previously advised on Dr. Max's two standalone retail note issuances in the aggregate amount of CZK 6.12 billion (approximately €260 million) and on the first issuance under the programme in the amount of CZK 1.25 billion (approximately €50 million).

"Dr. Max's latest issuance demonstrates how a consistent presence in the Czech capital markets can build investor confidence and broaden an issuer's investor base," said White & Case partner Petr Hudec, who led the Firm's deal team. "We are delighted to have advised on this milestone transaction, supporting Dr. Max's continued growth."

Headquartered in Prague and wholly owned by the Penta investment group, Dr. Max operates an extensive network of pharmacies across several European countries, including the Czech Republic, Slovakia, Poland, Romania, Serbia and Italy.

The White & Case team which advised on the transaction was led by partner Petr Hudec and included associates David Mikyska and Josef Levy (all Prague).

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