Dentons has advised the CEC Bank on raising EUR 162.6 million through a tap of its senior non-preferred MREL-eligible notes due February 2028. Clifford Chance advised the underwriting banks.
The CEC Bank mandated Citigroup, Erste Group, and Raiffeisen Bank International as joint bookrunners and Raiffeisen Romania as co-manager on the bond issuance. The bonds will be listed on the Luxembourg Stock Exchange and the Bucharest Stock Exchange.
According to Dentons, the placement brings the aggregate size of the tapped issue to EUR 281.9 million, with total drawdowns under CEC Bank’s EUR 600 million EMTN program now amounting to EUR 414 million.
According to CEC Bank, "the bonds were 1.6 times oversubscribed, compared to the originally indicated size of EUR 100 million (expected), with orders from bank & corporate treasuries, pension funds, asset managers, and insurance companies."
Dentons and Clifford Chance had also advised on the initial establishment of CEC Bank's EUR 600 million EMTN program and first two issuances in early 2023 (as reported by CEE Legal Matters on February 17, 2023).
The Dentons team included Romania-based Partner Loredana Chitu, Counsel Oana Ionascu, and Associates Alin Roca and Alexandra Sofineti; and Germany-based Partner Oliver Dreher, Senior Associate Philippa Muennich-Winter, and Associate Nadja Reiss.
The Clifford Chance team was led by Bucharest-based Partner Madalina Rachieru and Frankfurt-based Partner Sebastian Maerker.
Editor's Note: After this article was published, Clifford Chance shared the full composition of its team, which also included Senior Associates Gabriel Toma and Wolfgang Ettengruber and Lawyer Marlen Klepsch.