Karatzas and Partners Law Firm

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We inform you that the Bank of Greece has established a Central Balance Sheet Data Office in order to provide statistical information for the financial data of Greek undertakings.

In particular, according to Bank of Greece Governor’s Act no.2682/03-06-2019, for the need for statistical information of the Bank of Greece, as well as for the purposes of supporting Eurosystem monetary policy operations, a new obligation is established regarding the submission of undertakings’ financial statements operating in Greece to the Bank of Greece, at the same time as the publicity requirements pursuant to law, by means of the application https://iris.bankofgreece.gr.

Karatzas & Partners advised Piraeus Bank in a pioneer and complex transaction contemplating a long-term strategic partnership between Piraeus Bank and Intrum: the establishment of a market leading credit management servicer in Greece. On Wednesday, October 23rd 2019, the strategic agreement was concluded. The new servicer company, established on September 16th 2019 through the contribution in kind of the relevant business unit of Piraeus Bank, is 80% owned by Intrum, with Piraeus Bank retaining a 20% equity stake. The new servicer is licensed and regulated by the Bank of Greece. It will service the Piraeus Bank’s existing Non Performing Exposures (“NPE”) and Real Estate Owned Assets (“REO”) portfolio, together with any new inflows, on an exclusive basis, and will be able to manage also other NPE and REO portfolios in the Greek market. Assets and proceeds of the serviced portfolio remain on the balance sheet of the Bank. The transaction was concluded after receiving the required approvals from the relevant regulatory authorities, including the Bank of Greece, as well as the Hellenic Financial Stability Fund. Please find more information in the following link: https://bit.ly/2pT3FGo

Karatzas & Partners advised Crystal Almond Group and WIND Hellas in connection with the high yield hashtag#bond offering of €525 million 4.250% senior secured notes due 2024, the proceeds of which are used to pay back its €275 million senior secured notes due 2021 and keep €210 million on its balance sheet to enhance its capital expenditure and cash flow requirements. The Group also entered into a new €75 million revolving credit facility with international banks. This successful offering provides more favorable lending terms and lower financing costs for the Group. This transaction was completed against a very tight timeline of just two weeks and required elaborate legal structuring and implementation. Please find more information in the following link: https://bit.ly/33FxGrY

Karatzas & Partners has been ranked, for another year, as “Top Tier Firm 2020” by the IFLR1000 the market-leading financial law publication for lawyers specialising in international finance in financial institutions, corporates and in private practice. As the review states "Karatzas & Partners is one of strongest firms across all transactional work practice areas in Greece and is known for its cross border work”. You can find more information in the following link: https://bit.ly/30LWsou Furthermore, the Firm’s Partners Catherine Karatzas, Managing Partner, Christina Faitakis, Partner, Anna Manda, Partner, Vassiliki Salaka, Partner are ranked as “Highly Regarded” and Alexandros Metallinos, Partner as “Market Leader”, in their practice areas. Please find more information in the following link: https://bit.ly/2qCwdBc

Karatzas & Partners is advising SAZKA Group on its all-cash, unconditional tender offer for the acquisition of OPAP. The offer consideration exceeds € 1.9 billion. The Information Memorandum for the tender offer has been approved by the Hellenic Capital Market Commission and was published on September 30th, 2019. The acceptance period commenced on October 1st, 2019 and is expected to close on October 29th, 2019. The tender offer represents the largest offer in Greece for more than 10 years and the largest cash tender offer in Greek history

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