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Clifford Chance and White & Case Advise on Refinancing of AAA Auto International

Clifford Chance and White & Case Advise on Refinancing of AAA Auto International

Czech Republic
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Clifford Chance's Prague office has advised the regional used car dealership AAA Auto International a.s. in connection with the planned refinancing of the acquisition of the company and agreeing the terms of operating loans for its entire group from CSOB.

The firm negotiated the facility agreement, security documentation, and related interest insurance, and assisted in fulfilling the conditions of the loan drawdown. The Prague team provided the advice under Czech and Slovak law as well as the coordinating the services of external counsel in Cyprus.

According to Clifford Chance, "AAA Auto International has been engaged in the sale of used cars for over 25 years, and also focuses on providing financial services and ICT development. It is the most successful company on the used car market in Central and Eastern Europe. The majority owner of the company is currently the UK-Polish private equity fund Abris Capital Partners."

Clifford Chance's legal team was led by Partner Milos Felgr, who reported being "delighted to have the opportunity to represent such a well-known market participant as AAA Auto." According to Felgr, "it was a pleasure to work with a client that had clear objectives and one that was so forthcoming and cooperative. This directness led to the successful completion of this complex cross-border transaction in such a short period. We look forward to the opportunity for further collaboration."

Felgr was primarily assisted by Clifford Chance Junior Associate Pavel Bogusky and Senior Associate Stanislav Holec, who advised on the Slovak law aspects of the transaction.

Jan Siroky, Senior Lawyer at AAA Auto International, explained that: "We selected Clifford Chance based on their excellent performance when advising AAA AUTO Group on its disposal in 2014. Milos Felgr and his team used their experience and expertise to ensure a smooth transaction, guiding us through the complexities of this refinancing. Their advice helped us to negotiate a very competitive offer for which they have our sincere gratitude."

The White & Case team advising CSOB included Partner David Plch and Associates Ida Kucerova and Simona Rapava.

Czech Republic Knowledge Partner

HAVEL & PARTNERS, attorneys-at-law, with offices in Prague, Brno, Bratislava, Pilsen, Olomouc, and Ostrava, has a team of 220 lawyers, tax advisors and 500 employees in total, is the largest independent law firm in Central Europe.

Our clients include large international companies, leading Czech and Slovak firms, including strategic state-owned companies and public sector authorities, as well as medium-size businesses, individual entrepreneurs, and investors. We advise approximately 100 of the Fortune 500 companies, and almost 50 of the Czech Top 100 companies. HAVEL & PARTNERS currently provides its services to a total of 2,000 clients. We have the most comprehensive international support available to both Czech and Slovak law firms. We provide legal and tax advice in 12 world languages in more than 90 countries around the globe. Up to 70 % of the transactions we deal with involve an international aspect.

HAVEL & PARTNERS was named the best law firm operating in the Czech Republic by the prestigious British rating agencies Chambers and Partners (2020) and Who’s Who Legal (2018, 2019). It is also the most successful law firm, providing the most comprehensive legal services in the Czech Republic and Slovakia, based on the total number of all nominations and awards in all years of the Law Firm of the Year awards. The firm became the absolute winner of this competition four times in the last six years, receiving the main award Domestic Law Firm of the Year in the Czech Republic (2015, 2017, 2018, 2020) and ranking as one of the most recommended law firms in all categories of law. Our company is also a three-time winner of the Law Firm of the Year award for Best Client Services (2015, 2016, 2019). In the field of M&A, HAVEL & PARTNERS is the best law firm in the Czech Republic based on the annual International Advisory Experts awards (2018, 2019). In Slovakia, it also won the prestigious global M&A Today Awards (2013–2018) for Mergers & Acquisitions six times in a row, and repeatedly won first place in the ranking by Lawyer International Legal 100 (2017, 2018). Prestigious international rating agencies EMIS DealWatch and Mergermarket have ranked HAVEL & PARTNERS among the leading law firms by the number of transactions completed in the entire CEE region since 2009. Based on annual awards of the Acquisition International magazine, HAVEL & PARTNERS has become the Law Firm of the Year 2019 in the M&A category in the CEE region.

Firm's website: https://www.havelpartners.cz/en/

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