WARSAW – Nov. 26, 2014 – Greenberg Traurig advised Penta Investments Limited, one of the major shareholders of Empik Media & Fashion (EMF), in connection with a project regarding changes to EMF’s terms of debt. The project ended on Nov. 24. As a result, EMF gained a financing extension. The estimated value of the transaction was PLN 1.2 billion.
Greenberg Traurig advised in the following key steps of the project:
- Repayment by EMF of the whole debt amount under bonds issued by EMF as a tranche 6/2010, with a total value of PLN 249.5 million, by using funds derived from an issuance of: unsecured bearer bonds in PLN series 2/2014, 3/2014 and 4/2014 with a total nominal value of PLN 128.8 million and unsecured registered bonds in EUR series SH/2014 with a total nominal value of EUR 37,960,000.
- Granting of unsecured loan in the amount equal to the EUR equivalent of PLN 100 million to EMF by affiliates of the major shareholders of the company – Penta Investments Limited and Eastbridge s.à.r.l. The purpose of the loan was partial repayment of existing debt and improvement of EMF’s cash flow.
- Conclusion between EMF and its selected subsidiaries, financial institutions and entities affiliated with Penta Investments Limited and Eastbridge s.à.r.l - agreement amending terms of loan agreements and bilateral agreements with creditors, by determining, among others, the ranking of creditors’ claims.
The Greenberg Traurig team was led by Managing Partner Jarosław Grzesiak, with partners Andrzej Wysokiński and Rafał Sieński, local partner Aleksander Janiszewski, and supported by associates Paulina Kimla – Kaczorowska and Magdalena Bachleda – Księdzularz.