White & Case advises EMMA Capital on CZK- and EUR-denominated senior secured note issuances under its CZK 12.5 billion dual-issuer note programme

Global law firm White & Case LLP has advised EMMA Capital on the issuance of CZK 3.3 billion 7.00% senior secured notes due 2031 by Emma Finance CZ a.s. and EUR 40 million 6.00% senior secured notes due 2031 by Emma Finance SK a.s. under their Czech-law-governed dual-issuer note programme. 

The issuances followed the annual update of the programme, which included an increase of the programme limit from CZK 7.5 billion to CZK 12.5 billion, on which White & Case also advised.

The notes were offered to retail and institutional investors in the Czech and Slovak markets and are admitted to trading on the regulated market of the Prague Stock Exchange. The notes benefit from a shared guarantee by the group holding company, Emma Alpha Holding Ltd, and shared security over certain shares in Premier Energy Plc, a publicly traded company, and the Group’s holding companies for its gaming subsidiaries, Emma Gamma Ltd and Emma Heta Ltd. 

Česká spořitelna, J&T BANKA, Komerční banka, PPF banka and UniCredit Bank Czech Republic and Slovakia acted as joint lead managers of the CZK issuance, and J&T BANKA and UniCredit Bank Czech Republic and Slovakia acted as joint lead managers for the EUR issuance.

The net proceeds of the issuances will be used by the group to finance its general corporate purposes, including the acquisition of an additional 20% ownership interest in Entain Holdings (CEE) Ltd, a joint venture with Entain operating leading sports betting platforms in Croatia and Poland.

White & Case partner Petr Hudec, who led the Firm’s deal team, said: “These latest issuances under the programme demonstrate the continued appetite of the Czech and Slovak capital markets for high-quality credit. Having supported EMMA Capital since the establishment of this innovative dual-issuer programme in 2025 – the first of its kind approved by the Czech regulator – we are delighted to have once again advised on these landmark transactions.”

EMMA Capital is a private investment holding focused on long-term value creation through active management of investments across sectors such as energy, sports betting and gaming, logistics and e-commerce, and medical equipment distribution. The group operates across multiple European markets and pursues opportunities with strong growth potential. Its portfolio includes investments in companies such as Packeta, Mailstep, BOX NOW, MagnaPharmacia, SuperSport, STS and various other lottery and gaming operators, and Premier Energy Group, a fast-growing energy platform with a strong focus on renewable energy in Central and Eastern Europe, which has recently agreed to acquire the Evryo group.

The White & Case team in Prague which advised on the transaction was led by partner Petr Hudec, working closely with counsel Petr Šmerkl and associates David Mikyska and Anna Bezděková.

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