White & Case advises Emma Capital on innovative dual-issuer CZK 2.5 billion and €50 million senior secured notes offering

Global law firm White & Case LLP has advised Emma Capital on the establishment of the first Czech-law-governed dual-issuer CZK 7.5 billion note programme, and the concurrent debut issuances of CZK- and euro-denominated senior guaranteed and secured notes under the programme.

The transaction involved issuance of CZK 2.5 billion 6.00% notes due 2030 by Emma Finance CZ a.s., and of €50 million 5.25% notes due 2030 by Emma Finance SK a.s. 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 Emma Gamma Ltd. J&T IB and Capital Markets, a.s. acted as arranger, and J&T BANKA, a.s. as manager.

The deal has several unique features which required initial structuring and discussions with the regulator, setting a new precedent in the regional capital markets. It is the first dual-issuer programme approved by the Czech regulator, and one of the rare issuances of notes secured by shares in a publicly traded company. It required coordination across more than four jurisdictions.

Emma Capital is a private investment holding focused on long term value creation through active management of investments across sectors such as energy, gaming, logistics and e-commerce. The group operates across multiple European markets and pursues opportunities with strong growth potential. Its portfolio includes investments in companies such as Packeta, Mailstep, MagnaPharmacia, SuperSport, various lottery and gaming operators and Premier Energy Group, a fast-growing energy platform with a strong focus on renewable energy in Central & Eastern Europe.

The White & Case team which advised on the transaction was led by partner Petr Hudec (Prague) working closely with counsel Petr Šmerkl, associate David Mikyska and legal intern David Eyem (all Prague).

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